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Great product idea? Here is how to know if it has potential.

We have all been there. Whether in a dream or by a sudden stroke of genius the idea for the next great product comes to mind. The optimism and excitement is uncontainable leading to several hours of deep thought and online researching. What should you be looking for? How do you know if you are the first person to think of this idea? In today’s modern age it is easy to get discouraged and think that everything has already been thought of, however before getting pessimistic go through these steps to do your initial idea research.

Can you currently buy it online?
Think of a short description for your product idea and type it into both Google and Amazon; the largest search engine and storefront respectively. If your idea, or a variation of it is already being sold then it may not be wise to continue to pursue this idea because someone with more infrastructure and intellectual property has already penetrated the market. If you cannot find anything similar to it in your online search, advance to the next step!

Consult a product development company.
Companies like Esino will provide the free service of letting you know if your product idea is truly original. Product design professionals spend time everyday looking at new and innovative ideas so they will be able to provide intelligible advice and insight into your research. If it has potential, you can get a free quote to get a feel for what the product idea would cost to design and prototype.

Would your friends and family spend their money on it?
Market research is a free way to get an idea of if your potential customers would be willing to spend their hard earned money on your product if it existed. Talk to people you know and give them a minute long pitch on your vision and ask for their honest feedback. Remember, you will have an inherent bias towards your idea and think that it is better than it actually is.

Overall it is important to put significant time and energy into researching an idea before sinking any money into it. Although many ideas have been thought of, the next million dollar product is still waiting for its inventor.