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Step 1
Can your idea be protected by a copyright, trademark, or patent? Trademarks are the easiest to get because they are acquired by use. Patents are the most costly and involved. One of the worst things that can happen is for someone to copy your business. Begin by getting a piece of paper and typing your name, address, and the date. Then describe your business, especially what make it unique. You can include a drawing. Then have it notorized. You can go to your local library or bank where they will notorize it for free. This give you your Date of Origin. Then get an old-fashioned marble notebook from which the pages are sewn in. Keep a record of all the things you do to bring your business to fruition. You are creating a paper trail in case of any future litigation. Note that copyrights, trademarks, and patents only give you the right to sue, not the money to sue!
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Step 2
Is your customer base large enough? A pen that never runs out of ink has a much broader base than a pen that writes under water. You want as many potential buyers as possible. Products or services that are impulse buys are the best to have. They have what is called the "wow" factor.
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Step 3
Do you have good price points? Suppose your product costs you 50 cents to produce. You sell it to a wholesaler, also called a distributor, for one dollar who in turn sells it to retailers for two dollars. The retailer then sells it to his customers for four dollars. Now, if other similar products sell for two dollars at retail, you have a problem. Can you sell directly to retailers? Can you set up a website and sell directly to your customer base? Many very innovative products cannot be brought into the marketplace because of price points.
