Q. I have so many ideas, how do I decide which one to focus on?
A: I’ve been asked this question a lot lately, so I’ll share with you my system for turning ideas into gold:
The 3 Rules for Making Money with Your Invention Ideas
Rule #1: Focus on established product categories. It is very important to choose an invention idea that falls into a category that people are familiar with. By focusing on established product categories, people will be more likely to understand your product and what it does, and will be more interested in purchasing it.
Rule #2: Focus on large consumer markets. It takes the same amount of time to develop a product for a niche or small consumer market as it does for a large consumer market. That said, it only makes sense to focus on a large consumer market where the potential for success is much greater.
Rule #3: Focus on products that have the “remarkability factor”. People purchase products that are remarkable. Products that are considered remarkable are often innovations or clever twists to simple, everyday products. The remarkability factor doesn’t have to be dramatic; it just needs to catch the interest of potential customers. For example, an ordinary can-opener? NOT remarkable. A one-touch, automatic can opener? REMARKABLE.
Use these rules to develop your invention ideas into successful products, and you too can Invent Yourself Rich!
Think, Create, Prosper,