4hb.com Home | Letters and Forms | Library | Resources
4hb.com -- By Category -- Start and Run a Business -- How to Generate Moneymaking Product and Service Ideas

How to Generate Moneymaking Product and Service Ideas

By Jason Jantzi.
http://www.toptimetools.com.

The real moneymakers on the Internet are the people with ideas; ideas that can be turned into fully executed and profitable products and services.

But the first step to success is coming up with the idea, and that is where most people falter. They concentrate all their efforts on coming up with the most original idea, when what they need to do is start with a basic idea and build on it, all the time asking the important questions: Is there demand for this product/service? What is the overall profitability potential?

So where are the ideas? They're all around, all of the time! You just have to learn to recognize them.

Here are a few tips to help open your eyes to the world of ideas around you:

1. Learn to recognize patterns, trends and changes as they're forming, or before they form. With change come new opportunities for new products and services. Think of all the new products that were needed with the invention of the Internet.

Don't overlook the obvious and don't ignore the small things. Finding your million dollar idea may be as simple as noticing an ongoing problem a few of your neighbors mentioned. Watch for good ideas that were poorly executed. Some people have great ideas, but have no idea how to carry them out. If there is a better way to do it, find it. Just because someone else tried and failed doesn't mean the idea should be forgotten.

Why settle for one idea? Combine two, three, even more. Sometimes when you bring two ideas together, you fill a need that could not otherwise be met. For example, someone combined a Laundromat and a bar. And what are Barnes and Noble, Media Play and Borders if not a giant conglomeration of things people want. Look for new ways to meet old needs. People are always looking for the better solution.

Once you have your idea, don't invest any money in its execution until you do your market research. Find out about demand for the product/service, how much it will cost to manufacture and market, and what the overall profitability of it is. Never invest in an idea you haven't researched.

About the Author

Make researching your idea quick and easy with the breakthrough software, Idea Profitability Analyst. This automatic software program tells you exactly which information to gather, then does all the calculations. For more information, visit http://www.toptimetools.com. Contact Jason Jantzi by phone at 604-533-4956 or email to info@toptimetools.com.

Tags: Start and Run a Business


 

 

Library: Start and Run a Business | Communicate | E-commerce and Internet | Sales and Marketing | Money Matters | Home Office | Wisdom and Life Skills Features: Letters and Forms | Business Glossary | Diversions Other: Home | Terms of Use | Privacy Policy | Contact Us