On the previous two pages, I decided what options I needed to choose between and the common factors between them. I now create a grid with the options on the left and the common factors along the top (as columns) with a final column for the total.
I've used Google Sheets to create mine. I've added calculations to the total column so it automatically adds the values for each option.
The link to my empty sheet is below. Feel free to copy it to your own Google Drive account if you'd like to play along.
Here's what my sheet looks like to begin with (you don't need to make yours look this pretty, by the way):
Filling in the grid
Now that I have a simple decision matrix, I need to enter values for each choice. I will be scoring each factor between 1 and 9.
Why not 10? Because 9 has a value right in the middle (5) that I can use if I don't have a preference for that factor.
Let me talk you through the first option (Create a niche website).
- Potential
I don't know what the potential return for my niche website will be as every niche website is different and it depends upon the affiliate programs I can find. I'm going to score this in the middle. [ 5 ] - Certainty
I'm very passionate about my niche and I believe I can make it work, particularly with social media engagement and YouTube videos. As it's only a belief... [ 6 ] - Content
I'll find it very easy to write content for my niche site due to my passion. [ 9 ] - Appeal
I really want to build a website in this niche, even if it doesn't profit much [ 9 ] - Motivation
I can talk about this niche forever. I'll still be posting in a few years. [ 9 ]
Okay, let's plug those values in to the grid so we can see what it looks like:
Let's rationalise the values for the next option (Create a bootcamp website).
- Potential
There is plenty of potential for profit when promoting Wealthy Affiliate. This is backed up by the number of success stories in the WA blogs. [ 9 ] - Certainty
I'm fairly certain that I can make it work as the Bootcamp Training focuses on it and there's loads of member training on that niche. [ 8 ] - Content
I'll be posting content about making money online as well as WA so I shouldn't run out of something to write about any time soon. [ 9 ] - Appeal
I'm not sure I'm as excited about promoting WA as I am my own niche [ 7 ] - Motivation
I'm worried that I'll get bored promoting WA in a year or so. [ 7 ]
Here's the grid after entering these values:
As you can see, although it's not my preferred option, the score is slightly higher for the creating a bootcamp website over one in a niche I'm passionate about.
Let's finish off the matrix by considering the factors for building both websites.
- Potential
The potential for earning is strong with two different affiliate streams (albeit over a longer period of time). [ 9 ] - Certainty
I'm certain I can make a profit from the two websites but the effort of maintaining both may become a problem without careful planning. [ 7 ] - Content
With two completely different websites to write content for, it should be easier to write posts. If I don't feel inspired to write for one, I will probably be able to write for the other website. [ 9 ] - Appeal
I like the idea of not being locked into writing for one niche [ 7 ] - Motivation
Staying motivated for the longer period of time that it will take to rank for each site could be a problem. But the variety offered by both sites should help. [ 6 ]
Here's the matrix with the values for the third option added:
As you can see, after adding the values for the third choice, it seems that creating a bootcamp website is currently the preferred option.
The Simple Decision Matrix has offered a decision but it has ignored the fact that some factors are more important than others when it comes to making the decision.
That's where the Weighted Decision Matrix can help us.
Next : Making some factors more important than others (click Next Page below)
Reply
