You Have an Idea, Now What? Step 1: Determine the Demand

Previously I discussed the many channels by which ideas come, including many non-conventional and accidental channels. Although I have briefly hinted at the importance of acting on innovative ideas, I have failed to stress the importance of action.

Oftentimes, innovators and inventors are filled with immense aspirations that their newest idea will eventually become a large source of income. The challenge for many of these innovators and inventors is that starting a business and actually creating revenue is quite a daunting task. In fact, I used to believe that the chances of starting a successful business were nearly impossible; but through business plan research and a more in-depth study of business financials I have come to realize that starting a business is actually quite possible.
The first step in starting a business is to determine the existing and potential demand for your product. One of the best ways to determine the existing demand for your product is to talk to as many people as possible to see if they would purchase or use your product. BEWARE: friends and family members are not always the best sources to talk to about product potential because of their personal bias toward you. Online surveys with subtle questions about your products benefits or features are a wonderful way to determine the demand for your product or service.
It is also important to take into consideration the current conditions of the market you are potentially entering. Is their currently a monopoly? Is the market saturated? Will the market growing or shrinking? All of these factors are critical to predicted the success of a product or service.
Frankly, most innovative ideas will never be profitably marketed; that is why predicting the profitability of a product or service before officially starting a business venture can save you a lot of stress and grief.

Keep Innovating!