Checks and Balances for Selecting your next Idea to Design & Build

Today, I cancelled eight website domains that I had bought over the last year. These domains ranged from design services to ChatGPT marketplaces to Airbnb curation. Over the past three years, I have launched around 50 ideas, and I think I have a good grasp on how to take an idea from conception to product.

Building a product from just an idea is like building a muscle, and it takes time and effort to develop.

The best part is that my ideas have evolved and been subjected to a reality check. Here’s how I evolved my ideas and learned what works and what doesn’t:

• I shared my ideas with colleagues who were always encouraging and willing to provide feedback.

• We put the ideas down with a value proposition in place, so we could understand what worked and what didn’t.

• We conducted desk research to understand what exists in the market and what actual value proposition people pay for.

• Finally, I talked to at least four people who might have a need for the product. Obviously, this is not formal research, but as you converse with various human beings, you can ask questions without sounding like a researcher.

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Of course, there is more to selecting an idea than just these steps. We need to fund it, spare energy to build it, and make time to think, build, and maintain it.

If an idea checks at least three of the following boxes, I pick it up and launch it:

□ I see a clear need from a customer’s point of view.

□ The niche is within my interests, skills, and overlaps with my daily work.

□ I can make the project self-sustaining if it takes care of its expenses.

□ I can spare enough time to build and launch the idea.

↪ After these checks, I take it further and launch the idea.

I hope these checks help you choose your ideas, and may you also cancel more domains in the future ✨