Everyone think they have an idea for the next greatest product or service. The idea may be good, but it doesn’t guarantee a million dollar in return. Just think about the hundreds of people who created a product but didn’t have the know-with-all to make it a top consumer product. Also, they were not able to generate a mass amount of money from it. So what should someone do with their brainy ideas? Before turning those ideas into a business, there are a few things to consider first according to Forbes. 1. Who are your competitors? “Maybe there aren’t any other products like yours on the market and you don’t have any competitors, but chances are, there are similar products,” says Susa. “Yours will need to be better, less expensive or different in some other key aspect. Research your competitors so you’ll know if you need to tweak your idea or add new features that make it stand out from the crowd. 2. What trends do your products or services address? Tying your invention to an emerging or existing trend that is influencing customer behavior can be a great way to heighten consumer interest and drive sales. Currrent examples might include apps and products that are environmentally sustainable. Riding the wave of a trend can lead to better sales. 3. Do friends and family members like your idea? While it’s important to keep your ideas under wraps during the development phase and to protect potential trade secrets and patentable concepts, hearing others’ opinions about a new invention can also be helpful, Consider discussing your idea with trusted friends and family members. They may offer valuable insights that can help you improve your concept. 4. What are your short and long-term goals? Before rolling out your new product, develop a detailed plan addresses the immediate and long-range objectives for your invention. Create a checklist of steps to take to achieve these goals. “This will provide additional focus,” says Susa, “and crossing off completed items will give you a sense of accomplishment to keep you motivated.” 5. What’s your elevator pitch? If worded well, a short verbal description of your invention can intrigue listeners so they’ll want to learn more. It typically includes a “hook” that immediately captures interest, value statements, statistics to support your claims about the product, individuality statements that set the product apart and a call to action. 6. Can you illustrate your idea to inspire others? Communicating your concept to people visually as well as verbally can help generate excitement and passion. A non-working prototype or sketch can be an excellent tool that helps convey your idea, and you don’t have to be an artist or an engineer to build one. Sketches can include traced drawings and stick figures. Non-working prototypes can be constructed out of multiple materials, including clay and cardboard. 7. Can you generate excitement about my product online? Promoting your product online can be an affordable way to build buzz and create excitement. Facebook, Twitter, Pinterest and other social media platforms are highly-effective ways of getting the word out about new products and services. Research the people or groups you’d most like to target, see which social networks they use and build your social media strategy accordingly. 8. Do you need help to bring your idea to life? Susa has an interest in this question, since his company specialises in helping entrepreneurs get their products or services to consumers and providing access to researchers, illustrators, writers and customer service professionals. “Successfully developing and launching a new product takes a wide variety of skills and not every inventor has the time or inclination to deal with all of the angles,” he says. However, such help comes at a cost, and entrepreneurs need to decide whether it is worth it. Photo: Entrepreneur.com
