If you are reading this you must have a service or product idea that you think is worth pursuing. You are probably excited and want to tell everyone about your great idea but wait until you know your idea is protected. We will get to that topic in a later post.
My advice for the first step would be “research the idea.” Do a Google search and go shopping (if it’s a product). At this point you want to see if the product is already on the market or if a company is already offering the service. Don’t get discouraged if you see something similar. Maybe your idea is an improvement. Ask yourself a few questions if you see a similar product. How successful is the product? What are the product reviews? How long has the product been on the market? How many companies have similar products? Is there anything I should change about my idea to reach more customers?
If you find several companies are already offering the product, you might realize that it isn’t worth pursuing. It is hard to compete with the big players. The good news is at least you haven’t invested a lot of time and money. If your search revels that it is a novel idea and you don’t see it ANYWHERE you might be onto something that just might be a success.