A common question I see pop up on a few Facebook Groups I’m in is “how do I come up with a product idea?” People love the idea of creating a product, and selling it, to make an income, but are stuck with “which product?”
Below are 5 suggestions on how you can come up with a product idea.
1. Find your WHY
Understand why you want to start a business in the first place. This might lead you to your true passion, which may spark a product idea. As Simon Sinek says “Your WHY is the purpose, cause or belief that inspires you.” What is it you are looking for out of life and how can a product help you achieve that? As you do some soul searching, journal it. Sometimes just the process of writing things down will give you clarity, and it may even become obvious what business path you should follow.
2. Solving a pain point
Is there something that just DRIVES YOU CRAZY? Could you create a product to fix it? Or is there something your friends or family members complain about all the time? Perhaps you’re in some Facebook Groups and see a common pain point for mothers, sports enthusiasts or other groups.
Understanding a particular market’s pain points can lead to highly success product businesses. Take for example well known baby wrap brand Aden + Anais. It was started by a Mum who realised that in the US she couldn’t find the popular muslin baby wraps which were so common in Australia. It’s now a $100 million business. (see the story here)
3. Improve on something already in the market
Are there products already out there that make you think “they’re OK, I could make them better though.” Improve on something already out there. You don’t always have to be first to market. There are HEAPS of products out there with multiple brands selling the same thing. It doesn’t mean there isn’t room for you to come in with a modified version of an existing product. Keep your eyes peeled for products you might be able to ‘do better’.
4. Bring back an old product
Was there something you grew up with, or your mother or grandfather grew up with, that might be relevant in today’s market? Toys for example is one category which constantly brings back old products. They get re-marketed them to a new audience. How many times have you seen the come back of yo-yos in the school playground? Not that long ago I remember seeing Elastics come back! (for those of you who don’t know it was large elastic which girls used to jump over to songs, and play games with)
5. Sell something you LOVE
I wanted to end with this point. If you love something and can portray that passion to your audience, it will make business so much easier. Sometimes it doesn’t matter if there is already a saturated market, when you are passionate about the product, it will make it so much easier to sell.