In this post-crisis economy, businesses are trying to go back to what they do best: develop goods and services to satisfy consumer demand. Will they come up with the next major idea that changes the world? This is indeed the goal!
But while this might seem easy on the surface, it is a real challenge to think of product ideas when everything has ostensibly been produced. At the same time, ideas are, in theory, infinite, so anything is possible when you tap into your entrepreneurial spirit.
What could be a product idea that a multinational and multi-billion-dollar corporation or a small business of five think of anyway? This is the tricky part as there are many ways to come up concepts to solve problems, improve health or help with workflows.
List of product ideas
If you’re looking for inspiration, you’ve come to the right place. Here are 20 profitable product ideas that you could develop in today’s marketplace.
1. Food tools
If you have great cooking skills, one way of generating income is selling food products. There’s always a demand for kitchen tools that can mitigate the disaster known as dinner, especially with many families with both partners working full time.
The key to introducing successful food items or even catering services is to have reasonable prices, offer timely delivery and ensure there is excellent food quality. If the food is great, the word will spread around. If the business picks up, you may have to invest in equipment, utensils, and additional labor.
Another lucrative product idea is jewelry. If you have the right skills and the ability to produce new and innovative designs, you can run a successful operation. However, when selling jewelry, it’s always a good idea to start small and make sure you have an insurance policy in case of theft.
In addition, you can advertise your jewelry on Facebook’s Marketplace and other online platforms. You can also generate interest and attract customers by showing your products to your colleagues, friends, and family.
3. Baked goods
The demand for cakes, pastries, and pies is always consistent. If you have excellent baking skills, this product idea could be for you. The key is to have the right tools and appliances. In addition, you have to be a good baker and make great quality baked goods. You will need a decent oven and baking supplies. You may need to cater to bigger events if your products sell well, and this may require additional investment. But this can be lucrative for you in the long run.
Most people love candles because of their esthetics and scent. There is a big market for fancy and scented candles if you know how to design them. Of course, you will need the right tools and an appropriate place; candle-making is not suitable in a home. But if you manage to create high-quality candle products, you should do quite well.
5. Smartphone accessories
Billions of people today have a smartphone. But these devices have become quite complex and require different types of accessories, including earphones, headphones, chargers, and tripods. And because these accessories are fragile and break often, there is a consistent demand for them. You can start small and begin by selling these products and accessories like phone chargers, earphones, SD cards, air pods, and cell phone batteries.
6. Online courses
With many students and even career professionals now studying online, there is a huge demand for online courses. This can work well for people who are either teachers or have tutoring experience and the skills and qualifications to teach others.
Once you have created an online course, you can either enroll students for regular classes or provide the complete course to people who register and sign up for it. All you need to create the online course is a reliable PC, Microsoft Word and PowerPoint, graphics and, of course, the time.
7. Sex toys
We have become a lonely civilization. Many individuals are abandoning the dating scene (who can blame them?). But intimacy is still something that folks desire. Enter: sex toys. This is a discreet market, but with significant demand among men and women. This can be a successful online business as long as you maintain your customers’ privacy and security and offer good prices and high-quality products.
8. Skincare products
Consumers are always interested in products that can make them look and feel better. The skincare business is a multibillion-dollar industry, and if you have the right skincare products, you can be successful. The key is to have products that work and are not too expensive. There are many barriers to entering the skincare industry because of licensing requirements, but if you do it right and have the necessary skills and experience, it can prove to be a goldmine.
9. Greeting cards
Despite the availability of online greeting cards, the print greeting card industry continues to thrive, surprising many market experts who crunch business strategies for a living. The key reason is that most online greeting cards are too generalized and impersonal. Most people still prefer to purchase physical greeting cards for different events and occasions.
You can offer interesting and creative greeting cards for special occasions that are different from standardized cards that are available in the market. However, you will need to market your product as there is significant competition and too many alternatives for customers.
10. Art products
If you’re skilled with your hands and can make nice woodwork, pottery, paintings, and artwork, you can do quite well. The competition is not intense, but the quality of your work has to be very high to attract the right customers.
You can sell these goods from your home or at weekend markets, festivals, and online platforms. You will need the right tools and equipment to produce these products, but you should have consistent sales if you do a good job.
11. Business graphics and logos
If you’re skilled in graphic design or are a graphics student and want to supplement your income, you can offer graphic design services.
Many small businesses out there do not have extensive marketing budgets. Therefore, they search for people who can make simple yet attractive logos, business card designs, sketches, drawings, and product posters/brochures. You need a good graphic design program like Photoshop or GIMP, a decent PC, and design skills.
12. Writing services
Freelance writing is another service that is always in demand. While it will not make you rich, you can still make a decent living if you have good writing skills. To succeed as a freelance writer, you need to commit. Writing jobs are not consistent, and you may be required to write on various topics, some of which may require research. However, if you can find the right clients, you can make a consistent income.
13. Baby products
Baby products are always in demand and can be lucrative product leads. Baby essentials such as diapers, quality clothing, books, bedding, burping pads, diaper bags, and baby monitors usually sell very quickly, especially these items are offered at competitive rates.
14. Home office products
This is another very lucrative opportunity, especially considering the rapid rise in remote working across the world. You can start small by selling less bulky items first, such as laptops, cell phones, chargers, printers, desktops, iPads, files and folders, and stationery. Then, if your business runs well, you can supplement your product line with bigger items, including home office furniture, desks, bookcases, file cabinets, lamps, and office chairs.
15. Reusable items
There is a growing market for selling products that are reusable, such as water bottles, straws, bags, coffee filters, and other sustainable products. Reusable is the main sell point.
16. Subscription boxes
This is a creative business idea that would require you to come up with a subscription box idea based on your target market. It could be related to food, makeup, fitness, snacks, stickers, stamps, or tea. As long as you price your subscription box right, you should be able to generate a good income.
17. Car accessories and products
People love cars and are more and more inclined to buying products that can make their cars comfortable. You can sell affordable car accessories and products such as cell phone racks, CDs/DVDs, navigation systems, car seats, window shades, cushions, and mirrors.
18. Fitness products
This is another huge market that has been showing consistent growth. You can begin by selling things like pedometers, shoes, fitness tracks, towels, and armbands. If enough revenues are being generated, you can expand your suite of products to bulkier products, such as bicycles, treadmills, and other exercise equipment.
19. Social media page creation
Several social media platforms offer the potential to make money if you can produce the right content and attract a respectable number of viewers. For example, you can post videos about your vacations on YouTube or images of your skincare products on Instagram, and with a large following, you can monetize the channel.
This can take time, but if you produce the right content and you market it properly, you can generate a good following and monetize this content.
20. Home decoration products
Home decoration products are always in demand. For example, you can offer scented candles, paintings, plants, flowers, wall hangings, curtains, clocks, sculptures, and cushions. There is significant potential in this product category and many different items that you can add to your product line.
How to come up with product ideas
Many inventors and R&D departments will have a light bulb moment. Oftentimes, however, it is a bit more of a process to come up with new ideas. If you wish to improve your product creation ways, here are five tips.
1. Learn the latest trends
What is happening out there? From the fidget spinners of a few years ago to “Gangnam Style” in the ancient times of 2012, there is always some trend that permeates pop culture and the marketplace. It is your job to determine what these trends are and then learn how to think of a product idea in relation to these developments.
2. Solve an existing problem
Is there a product out there that can help you extract juice from an orange? Oh, wait. There already is. But this eureka moment should not stop you from coming up with other products that could solve an existing one and then running it up the flagpole to see who salutes it. This is what corporations do: find new solutions to current problems. This is how they make $50 billion in revenues each quarter.
3. Enhance a product already on the market
The BlackBerry was a pioneer in the smartphone market, and then Apple stampeded into this segment and dominated everyone. But this was an example of how to enhance a product already on the market. BlackBerry was a great device, but Steve Jobs and his tech titan made it even better. To this day, Apple is above and beyond its competitors.
4. Engage with your clients
Perhaps the answer to your product development is in your customers. Maybe they want something done, but there isn’t an item available in the open market to resolve this issue, whether it is a left-handed can opener or a smoke detector that rings every five seconds without any signs of a fire. Client engagement is critical in every component of your corporation.
5. Recreate an older product
Social media was around in the pioneer days of the internet, but it never resonated with the public. Nearly 10 years after the first social network was developed (and then failed), the likes of Facebook and Twitter popped up and changed our worlds forever. This is an example of resurrecting older products and applying new uses to them or reintroducing them to the marketplace. All you need is some stellar promotion.
During the industrial revolution, thousands of consumer goods were manufactured, supporting high living standards. The sequels have produced superb services that have made our lives easier and more enjoyable.
What will be created in the future? Perhaps the next major development will be something out of Star Trek, be it a perpetual motion machine or a machine that creates anything you want. The next frontier will likely net that inventor or corporation a trillion dollars. Whatever the case, the market is always moving forward, allowing participants to create something that solves existing problems or enhances our everyday life.
What will you manufacture next? Let us know in the comments section below!
Originally published on 7 November 2018.