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6 Sources For New Product Ideas

[ 0 ] Feb. 5, 2014 | SBO Editor

new product ideas

There are many different sources of new product ideas for your business. Here are six of them.

1. Read Everything You Can

The first way to find new product ideas or service ideas is to read newspaper stories, read articles, read advertisements, read the classified ads. Very often when people have new products or services available in a market or they’re looking for someone to sell it or distribute it, they advertise in the classifieds under business opportunities. Read all US publications that are written for businesspeople. Look for potential in to find new product ideas or services everywhere.

 2. Study Trade Magazines

The second way to find new product ideas or services is to read trade magazines, especially in your field of knowledge or expertise. Libraries usually have them all. Go down to the library, take a look at all the magazines and then subscribe to the very best ones.

3. Visit Trade Shows

The third way to find new product ideas or services is to go to trade shows. You need only a business card to get into a trade show and they hold trade shows everywhere all the time. You can have business cards made up for you in 24 hours.  The upcoming New Orleans show might help your find new product ideas. For info visit http://www.sbomag.com/2014/01/new-orleans-entrepreneur-week/

Talk to the Key People

Another way to find new product ideas for your small business is to present yourself as a retail buyer. Sign up at the beginning, pay the entrance fee, and present yourself as a buyer looking to buy the products offered in the trade show. Then go in and talk to the key people there. Find out what they’re doing. What they’re selling. Where the market is going. What the industry trends are. What is successful and what is unsuccessful and so on.

4. Tap Into Your Network

The fourth way to find new product ideas or services is your friends. Tell them that you’re looking for new product ideas. Tell them you’re looking for something to sell, something to distribute. Have them keep an eye out for you. Sometimes your friends will see things that you won’t see, or they’ll see things when they’re traveling and so on.

5. Keep Your Eyes Open

The fifth way to find new product ideas or services is to read magazines where people advertise new products or services or business opportunities. Use the Internet to keep up on trends, new niches.

6. Look Overseas For New Product Ideas

The sixth source of new product ideas is foreign publications. There are three foreign publications that you can get if you look around for them. One is called Made In Europe, which has hundreds and hundreds of products that are made by European corporations who are seeking US distributors. Sometimes the distribution rights for those products are available for the asking. There’s also a book called Made In Hong Kong, which has hundreds and hundreds of products made by Hong Kong corporations. And then there’s another catalog from the Taiwanese Trade Consulate that’s available that lists hundreds of manufacturers of thousands of products who are looking for US distributors.

Remember, 95 percent of all products are never sold outside of the country that they’re manufactured in. Sometimes all you have to do is find a product that is selling well somewhere else and bring it into your market area and that can be the start of your successful business.


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Category: Features