Tips & Talk 108 – Do You Have the Next Big Idea?
I wish I would have thought of that! Or maybe you did, but now someone else has actually turned your idea into a product and it’s catching the world by storm.
The old saying is true, ideas come a dime a dozen. But they don’t mean anything unless you take action. It’s the person who stops in their tracks and makes a decision to claim the new idea and follows-through with its development who is the winner.
Towards that end, I’m going to share with you some ways, categories if you will, that are the foundation for creating ideas that can turn into profitable goldmines.
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Transcript
Hi there.
Speaker:It's Sue and thanks for joining me for Tips and Talk
Speaker:Day. These are bite-sized topics that I pull from community questions
Speaker:and things that I'm observing in the world of handmade small
Speaker:business. If you'd like to submit a topic,
Speaker:DM e over on Instagram at Gift Biz Unwrapped.
Speaker:Before I get into the show today,
Speaker:I have a message for you.
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Speaker:at this point,
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Speaker:but hold on a second.
Speaker:It's not the best initial step.
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Speaker:you're set up for success and ensure your product easily attracts
Speaker:buyers. Sometimes it's just a little tweak.
Speaker:That's the difference between a thriving and failing business.
Speaker:Before you spend a lot of time and money,
Speaker:make sure to validate your product and ensure it's positioned and
Speaker:priced so you'll see results right from the beginning.
Speaker:That way you can start your business with confidence.
Speaker:I can help you with that.
Speaker:Go to gift to biz unwrap.com/start
Speaker:for all the details.
Speaker:I wish I would've thought of that,
Speaker:or maybe you did years ago,
Speaker:but never did anything about it.
Speaker:Perhaps it was a fleeting thought,
Speaker:a moment in time that came and went in an instant,
Speaker:but now you see that someone else has actually turned your
Speaker:idea into a product and it's catching the world by storm.
Speaker:Years ago,
Speaker:my husband told me about his great idea.
Speaker:Instead of having to check your tires for air pressure,
Speaker:there should be an automatic gauge in the car that alerts
Speaker:you to when your tires are low and need filling up.
Speaker:This eliminates the need for that thermometer looking gadget and having
Speaker:to get out in the freezing cold or rain to see
Speaker:if your tires are due for a fill up along with
Speaker:your gas tank.
Speaker:Well, this alert system does exist today,
Speaker:and every time Michael sees it,
Speaker:I hear the story about the fact that it was his
Speaker:idea. I lovingly listen to him again and I say,
Speaker:yes, I know the old saying is true.
Speaker:Ideas come a dime a dozen,
Speaker:but they don't mean anything unless you take action on that
Speaker:thought. It's the person who stops in their tracks,
Speaker:makes a decision to claim the new idea as their own
Speaker:and follows through with its development.
Speaker:That's who's the winner.
Speaker:This entire podcast has been dedicated to showing you how to
Speaker:take your handmade creations and monetize by starting a company around
Speaker:your products.
Speaker:For this episode,
Speaker:I wanna spice up your mind with ways to find these
Speaker:ideas. You probably come up with ideas all the time without
Speaker:even knowing it.
Speaker:The tendency is to ignore it and let it pass you
Speaker:by, partially based on not giving it the value it deserves.
Speaker:Towards that end,
Speaker:I'm going to share with you some ways,
Speaker:categories, if you will,
Speaker:that are the foundation for creating ideas that can turn into
Speaker:profitable gold mines.
Speaker:As we get into this,
Speaker:most of the examples I'll give are larger companies because that
Speaker:way I can be assured everyone listening regardless of where you
Speaker:are in the country or your lifestyle will know about them.
Speaker:A few smaller businesses are also tucked in because an idea
Speaker:doesn't need powerful financial backing to succeed.
Speaker:As I said before,
Speaker:it's the action that counts.
Speaker:Look at these examples as theoretical models.
Speaker:If an idea comes to your mind,
Speaker:run it past these models.
Speaker:As you further consider its viability,
Speaker:this is a way to analyze and give further thought to
Speaker:the possibility of your idea before you let it slip away.
Speaker:New and unique products and services are coming to market every
Speaker:day, and yours might just be that next big idea.
Speaker:The five models are a lifestyle,
Speaker:vision, new but known,
Speaker:and different cultural care abouts,
Speaker:problem solver and experience enhancer.
Speaker:I'm going to go through each one to explain the overall
Speaker:premise and then give some real life idea examples that exist
Speaker:today. Let's start with a lifestyle vision.
Speaker:This requires a lot of imagination and faith.
Speaker:It's dreaming up something entirely new that doesn't exist at all.
Speaker:Today, it almost seems impossible in more like a Jetson cartoon
Speaker:than potential reality.
Speaker:Fulfillment of this idea would have the ability to impact someone's
Speaker:overall lifestyle.
Speaker:This was clearly the case when Ray Crock dreamt up the
Speaker:idea of McDonald's way back in 1955.
Speaker:There's a lot to the McDonald's story,
Speaker:of course,
Speaker:from Ray meeting the McDonald brothers to acquiring the name,
Speaker:but his real new idea impact was creating a streamlined,
Speaker:quality, controlled and consistent food franchise that could be experienced across
Speaker:the country and later worldwide.
Speaker:With that idea came a number of firsts in product creation
Speaker:like Chicken McNuggets,
Speaker:and we all have to admit that first drive-through definitely had
Speaker:an impact on our lifestyle.
Speaker:Another more recent example is Steve Jobs and the Apple products,
Speaker:but most specifically,
Speaker:I'll focus on the iPhone.
Speaker:His vision of a touchscreen and scrolling functionality has also changed
Speaker:our lives.
Speaker:Both McDonald's and Apple have been copied by competitors,
Speaker:of course,
Speaker:who offer different versions of a similar concept,
Speaker:but these two are still top of their industry and known
Speaker:as the originators of products that have had a significant impact
Speaker:in the world.
Speaker:Okay, now this lifestyle vision model may seem out of reach,
Speaker:so let's bring it down to models that are more realistic
Speaker:for us.
Speaker:The second one is new but known and different.
Speaker:It's a great model because people can relate to the concept.
Speaker:It's not brand new or requires a lot of explanation.
Speaker:The idea is a spinoff of what already exists but is
Speaker:better or different in some way.
Speaker:Brownie brittle,
Speaker:before Sheila came up with this idea,
Speaker:brownies only existed as plump fluffy squares of deliciousness by combining
Speaker:the brownie flavor with a crisp cracker or peanut brittle texture.
Speaker:An entirely new product was born.
Speaker:Rich and Cherry did something similar with the idea of enhancing
Speaker:crocs with decorative charms that allows personalization that kids love.
Speaker:When we were first introduced to Jibbitz,
Speaker:we immediately understood the value and how to use them.
Speaker:Crocs ended up buying this idea for $20 million and to
Speaker:imagine it all started from an arts and craft project in
Speaker:the basement.
Speaker:There's also a smaller company you may not have heard yet.
Speaker:Bora Bora makes a lotion candle.
Speaker:You light the candle and when it melts,
Speaker:it turns into a warm moisturizing oil that you scoop out
Speaker:with a bamboo spoon to smooth onto your skin.
Speaker:Sounds luxurious,
Speaker:doesn't it?
Speaker:And we all understand candles and we all understand lotion.
Speaker:Now there's the lotion candle.
Speaker:Our third idea model is cultural care abouts.
Speaker:All the rage right now with the focus towards health are
Speaker:air fryers first introduced in 2010.
Speaker:They now come in all sizes made by many brands along
Speaker:with cookbooks and accessories.
Speaker:Just one simple idea of reducing fat consumption while still producing
Speaker:a crunchy,
Speaker:tasty result.
Speaker:Fast and easy cleanup,
Speaker:too bonus as an overall population,
Speaker:we also care about our environment more than ever today.
Speaker:Green living for our own health and that of our world
Speaker:is important today.
Speaker:Products that help with this are often the preferred choice.
Speaker:Many makers set themselves apart by making in small batches with
Speaker:natural and highly beneficial ingredients.
Speaker:Some are also including recycling programs for the containers.
Speaker:The products come in when you return them,
Speaker:you're rewarded with a discount or points or something in exchange
Speaker:for your efforts.
Speaker:Dosa, naturals and droplet are two companies that have such programs,
Speaker:and how about the trend toward minimalism?
Speaker:Downsizing isn't only for the older population anymore.
Speaker:Whoever thought living in a house with rooms the size of
Speaker:a closet would be a thing.
Speaker:Products that play into this lifestyle trend wouldn't have worked years
Speaker:ago, but they certainly do today.
Speaker:How about problem solver ideas?
Speaker:That's model number four.
Speaker:If you ever meet up with a challenge in your day
Speaker:and say,
Speaker:I wish there was a fill in the blank with the
Speaker:appropriate answer,
Speaker:I want you to stop and think.
Speaker:This may be a void in the market that people really
Speaker:need and a solution hasn't been created yet.
Speaker:Uber, GrubHub and Instacart are all examples of this,
Speaker:and my newest favorite bring Fido with the addition of biscotti
Speaker:are now nine month old,
Speaker:huge, great pier news puppy.
Speaker:Finding dog friendly hotel accommodations as we travel by car has
Speaker:become important.
Speaker:Bring Fido to the rescue.
Speaker:Also a new one.
Speaker:My daughter just told me about Sniff spot.
Speaker:If you have a dog and want alternatives to dog parks
Speaker:in your area,
Speaker:this is for you.
Speaker:I'll let you look that up yourself and the final model,
Speaker:experience enhancement.
Speaker:I probably don't have to tell you that this is very
Speaker:popular with the younger generations.
Speaker:Therefore, products or services that come with some type of experience
Speaker:overlay can make a well-known thing become extraordinary.
Speaker:Cold Stone creamery when the ice cream servers sing for their
Speaker:tips. Carvana,
Speaker:who turned a stressful car buying purchase into a game by
Speaker:picking your car up.
Speaker:Vending machine style and how about the mystery party games and
Speaker:trips that lead you into unknown puzzle adventures of all sorts.
Speaker:This past Christmas,
Speaker:my daughter gave several family members the experiential gift of going
Speaker:and hanging out with wild wolves.
Speaker:Yeah, wild wolves.
Speaker:It was so funny.
Speaker:The gift that they unwrapped were stuffed animals as a clue.
Speaker:Then they got the explanation of what they stood for,
Speaker:and we'll be experiencing the wolves up close and personal a
Speaker:few weeks from now.
Speaker:There are so,
Speaker:so many more examples I could give you.
Speaker:The point is they all started with an idea that was
Speaker:first identified and then acted upon.
Speaker:These ideas are limitless and waiting out there right now for
Speaker:your taking.
Speaker:Yes, you may have the next big idea and now you
Speaker:know how to recognize it and hopefully do what comes next.
Speaker:Take the action,
Speaker:bring it to life,
Speaker:and make it a reality.
Speaker:That's a wrap.
Speaker:I'm a get to the point kind of girl,
Speaker:and this is what you can expect from these quick midweek
Speaker:sessions. Now it's your turn.
Speaker:Go out and fulfill that dream of yours.
Speaker:Share your handmade products with us.
Speaker:We want them and they bring us both.