After you have found a great niche market that is actively looking
for a problem that needs to be solved, your next task is come up with
a product that deals with that problem.
The best way is to brainstorm a list of possible solutions. Do not
worry about the logistics of developing them at this stage of the game
or second guess your ideas. You mainly want to get your creative juices
moving as you write your thoughts down on paper. Allow everything in!
Consider services as well as products, check the products your competitors
offer and ask yourself where you could improve on them. Perhaps they do
not address some aspects of your market’s problem. Maybe they are too
expensive or to complicated for beginners to use or comprehend. Perhaps
your competition is not specialized enough or maybe they are too specialized.
There is also the possibility that the solutions available are offered by
individuals who are not experts in their field and don’t really know what
they are doing.
Keep asking yourself, “What can I offer that no one else is providing?
How can I make my solution different from anything else that is currently
Take Raymond Lemire who created FlyingNoodle because of his love of fine
food. He wanted to develop an online home business based on this love.
He decided to “one-up” his competition be selling only high-end gourmet
pastas and sauces. So he sells exotic pastas such as “Roasted Red Pepper
Fettucine” and his sauces range from “Portobello Shiraz” to “Artichoke
Instead of making these products himself, he buys them wholesale from
other high-end Italian manufacturers and then offers them for sale through
his site and his business revenues are $1 million a year!
Then there is Scott Marino who wanted to start a online home business with
his sister and her husband. Their idea was to sell inexpensive plus size lingerie , but realized their was too much competition online. Then they came up with the idea of
selling only novelty underwear! Now their site, WebUndies is the bigest
supplier of novelty undergarments on the Web and it is generating revenue
of $650,000 per year!
So, it’s important to keep your mind open to all possibilites, since your
winning product idea may come from the most unlikely source and it may be
something very different from what you originally envisioned for your home business!