As soon as I thought of my product concept, I began to question whether it might also be a lucrative commercial venture. To find out for sure, consider the following options.
Although concepts like “idea” and “opportunity” have been used interchangeably, they are in fact distinct. Opportunities are notions that have already been demonstrated to be valuable, whereas ideas are only speculation. An opportunity may not always present itself when you have a great idea. IGI Global estimates that just approximately 6% of ideas really end up becoming commercially successful. In order to be successful, a concept must either be novel to the market or an enhancement on an existing product. I know firsthand how difficult it is to develop a concept into a viable business prospect. It requires a great deal of time, effort, patience, persistence, resources, and dedication. Above all else, you must have faith in yourself and the work you’re doing. To succeed, you must convince your intended readers that they would benefit greatly from your concept. You may tell whether a concept for a company has potential to become a lucrative market niche by considering the following factors:
Does your idea solve a problem?
The inspiration for my Alahta hairbrush pouch came from practicality. This wasn’t a case where I had to brainstorm ways to make money. To keep my brushes and comb safe while they were in my bag or suitcase, I required a pouch or case. I was looking for a way to keep my hair accessories neat and tidy while also shielding the inside from flying hairs. I do better in life when I’ve taken the time to get myself organised. The device I envision addresses real issues in the market and provides much-needed relief.
Is there a gap in the marketplace regarding your idea?
What I needed was a device that could accept the wide variety of hairbrushes and combs in my collection, rather than one that was designed specifically for a single kind of tool. Not being able to locate this product in any local shops or online led me to consider making my own version of it. It seemed unlikely that I was the only one who could benefit from this item. I have no doubt that some members of my intended market need this product but were unaware of their need.
The buyer would get a lot of use out of this product because to its one-of-a-kind design, high quality, and variety of colours and designs. I conducted three separate polls to gauge whether or not the existence of an audience for my concept was even worth the effort. Surveys were given to complete strangers because I wanted responses that would be more indicative of true opinions than of bias. While conducting the poll, I utilised a red prototype. Several of the surveyors suggested that I use prints and brighter colours into my work. After assuring them that the sample they had seen was for research reasons only, I went on to explain that I intended to have a variety of colours and patterns. I was elated that people cared enough to weigh in with suggestions. Males and girls alike seemed to like and be intrigued by my concept, so I’ve gone on to the next phase of attempting to make it into a business opportunity, especially since there was a need in the market for it.
Will people pay for your idea?
Without buyers, a company has no reason to exist. You need to find out whether there is demand for your product concept and if people are prepared to pay for it. In addition, you should research the market to see what price point is acceptable.
Research your competitor
I looked for possible rivals and researched their offerings while attempting to establish whether there was a need for my product concept. I gave careful consideration to differentiating my product from the competition and making it more valuable to customers. I was relieved to see that my rivals didn’t offer anything that may take business away from me. This information bolstered my resolve, and I couldn’t wait to get going in my quest to introduce my product concept to as many people as possible.
I’ve enjoyed telling people about the inspiration for my product both online and in person in beauty parlours where I’ve shown my wares. The many times complete strangers have informed me that my product was a good concept only serve to boost my confidence in my creation. What I’ve discussed in this post isn’t foolproof, but it should help you get a better notion of whether or not your concept has commercial potential. It’s natural to worry that other people won’t value your concept as highly as you do.
It’s normal to be afraid about falling short. Don’t let it stop you from exploring the possibilities; just be sensible and cautious. From what I’ve learned on my own path, I would recommend doing your homework, not acting on impulse, being open to criticism, maintaining a consistent approach, forming a team, having all members sign a non-disclosure agreement, scheduling regular self-care time, and seeking out a mentor. Put simply, you need help. Don’t be discouraged by the difficulties you’ll undoubtedly encounter. Don’t give up; you can make a success of your concept.
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