Jabir ibn ‘Abdullah رضي الله عنهما said: "The Messenger of Allah ﷺ used to teach us how to seek Allah's guidance in any matter, just as he taught us a sura from the Qur'an. He said: ‹When any of you intends to do something, let him pray two voluntary rak‘ahs and then say…›" After the dua, the person should name the matter for which he is seeking guidance. [al-Bukhari 1162, 6382]
No one has ever regretted seeking help from his Creator and then consulting the believers among His creation in careful deliberation. Allah the Exalted said: "…consult them in affairs, and when you have resolved, put your trust in Allah" (3:159).
"O Allah, I seek Your guidance through Your knowledge, I seek strength through Your power, and I ask You of Your vast bounty — for You have power and I do not, You know and I do not, and You are the Knower of the unseen. O Allah, if You know that this matter is good for me in my religion, my livelihood, and the outcome of my affairs (or: in this world and the next), then decree it for me, make it easy for me, and bless me in it. But if You know that this matter is evil for me in my religion, my livelihood, and the outcome of my affairs (or: in this world and the next), then turn it away from me and turn me away from it. Decree for me the good wherever it may be, and make me content with it."
Istikhara (أَسْتَخِيرُكَ) — "I seek from You what will be good for me." "The outcome of my affairs" — meaning life in the Hereafter. "Decree it for me" — ordain that I accomplish it. After reciting the dua, one should name the specific matter for which guidance is being sought.