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How to Develop Your Million Dollar Idea: Find Your Niche

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Over here at Idea Design Studio, we’ve worked with countless inventors over the past decade that came to us with nothing more than a great idea. And trust us, it’s by far the most exciting time. The raw energy of building something new, getting an idea made, can move mountains.

But for some inventors, the (literally) dozens of decisions that go into getting an invention to market are too daunting. How do I build my product? What does it take to design a prototype? How do I find a manufacturer for my idea? How to I protect my invention from copycats? Should I license my idea?

What we’ve seen over the years is that the best process is to, simply, take it one step at a time. What’s the first step to developing your million-dollar idea you ask?

Identify Your Idea’s Place in the Market

The world is huge. There is a ton of room for you to carve out some space for yourself and your idea, you just have to define it.

Whether you are creating a something brand new or refining something that has been available for years (if not decades), you need to stake out your idea’s place.

Creating a New Product

When you’re building something new and never-before-seen, you need to think about the problem you are solving. Are you saving people time or money? Is it a cool must-have gadget? Does it replace something that’s already in everyone’s home?

With new products, we always recommend designing a prototype as the first step to developing your idea. See how it works, get a feel for using it and see how it looks. Doing so will help you define how to reach your ideal market.

Improving On an Older Product

Making something that’s been around for a long time better has many things in common with creating a new product. With new products, people don’t realize they need them until you show it to them. And when you’re improving on something that’s been around for a while, they don’t realize they could have it better.

And trust us, it’s alright if something similar is already out there, especially if your idea is better or cheaper. There’s plenty of room for your idea to find its market. 

Once you’ve figured out the gap in the marketplace that you’re going to fill, you’re on to the next step:

Get Your First Adopters

The first people to buy your product are tremendously important. They become your marketing team, telling everyone they know about how great your product is and why everyone needs it.

This form of marketing, called word-of-mouth, is the strongest there is out there. If someone you know tells you about something they just got and how amazing it is, you want to get it for yourself, right? 

So you have to figure out who these people are. Are they tech-savvy teenagers? Parents with young kids? Grandparents? You also have to figure out where they are. Will people in California latch onto your idea more quickly than people in Texas? Is your invention perfect for Canada? Does it solve a problem people in London will immediately understand?

Once you have your corner of the market figured out and have designed your prototype, you’re ready for the next step: build your path to success (coming soon to a blog near you). 

Have any questions about finding your niche? Feel free to call our inventor’s hotline at 888.864.1760 or email us