How to Create a Marketable Idea

How many times have you looked at a new business or product and thought "I could have done that"? You might have even had a similar idea at one time. The difference is that your idea never went past the idea stage. Someone else put in the work to turn an idea into a reality. Everyone's capable of creative thinking, so follow these steps to make your business idea worth marketing.

Instructions

Difficulty: Moderate

1. Brainstorm ideas by examining your own knowledge base. If you're a problem solver, look for a problem shared by a reasonable number of people. How could the problem be solved? If you can figure that out, you have an idea. But is it marketable?
2. Research your idea. Go beyond your excitement and determine if there is any real potential. Is anyone else doing something similar? If so, how is your idea different? Check search engines on the Internet, business magazines and newspapers. Get more information about your idea. Determine the pros and cons.
3. Discover if there is a market for your idea. Who is your target audience? Talk to them. Construct an informal survey or develop a more formal interview. Other market analysis tools include web-based surveys and direct-mail questionnaire.
4. Write a business plan. That's right. Put it writing. This will help you discover gaps and problem areas early in the process. Sum up your idea, and then look at how you will move from idea stage to reality.
5. Figure out what financial commitment you are looking at. Do you have enough for start-up and to keep you afloat for awhile? Will you need to apply for a small business loan?
6. Fine tune your marketing plan. Do you understand the needs of your target audience? How will you distribute and promote the results of your idea? Good marketing takes care of the selling for you.
7. Create a timetable to get you off the ground from idea to marketable reality.

Tips & Warnings

• Realize that your idea may change shape many times before it reaches its final version.
• If you're not ready to take action on an idea, at least write it down along with other ideas as they arise. Ideas pop up at the strangest times, and just like dreams, they have a tendency to fade from memory.