Picking an Idea

So, you've made a list of ideas! Great job! Hopefully you've solicited some ideas and feedback from others in your network.

Now it's time to think about what is important to you and what your limitations are. Maybe you want to add to your business to bring the next generation home to the farm? Perhaps you want a consistent revenue stream? Maybe you are passionate about agri-tourism? What are your goals? What is your mission? Identify any must-haves or dealbreakers.

Select a few criteria (I recommend 3-5) and assign weights to them. Rate each idea against these criteria. I like to use a spreadsheet (go figure, I am an economist by training) to do this. The spreadsheet can help you visualize the options and see how they stack up against each other.

In the example below, the farmer had low access to capital and limited time. He was also very risk averse. From those thoughts, he developed his criteria and weighed his options against them. Very quickly and easily, the option of converting his dairy to an organic dairy rose to the top, rather than starting up a new business that would be time and capital intensive.

You may need to complete this exercise a few times (depending on how many ideas you generated initially!). At the end of this, you should be circling around an idea or two. This is the idea you want to research!

Next time, we'll talk about how to make a plan!