1. Start with You.
Before you go off researching every idea that strikes your fancy, take a look at yourself. Ask yourself what you may have to offer. Chances are you may know more than what you think.
Start by taking inventory of yourself. What are you currently doing for a living? What are your hobbies? What unique interests do you currently have? By doing this self evaluation you could end up with more ideas that are familiar to you than you could imagine. This in itself could potentially save you countless hours of research, which will save you time and ultimately money.
2. Organization is Key.
Make an outline. By outlining your thoughts you are giving yourself a graphical depiction of what you know. Keep it basic. Use broad general categories at first. You can and should use this technique for any project you plan to evaluate or implement. You should prioritize your categories. Ex. (gathering the ingredients comes before baking the cake.) Once you have your broad categories laid out then you can begin to populate each category with sub-categories and procedures.
3. Evaluate and Refine.
Now that you have a map of your potential Info Product it’s time to evaluate the idea. If your hobby is watching TV and you are thinking of writing an Ebook on watching TV you may want to reconsider. Now if you hobby is evaluating Surround Sound Systems and you have enough knowledge to be able to instruct on how to wire and install these systems you may have a building block for something that people want.
Will it fly? Is there a need for this information? Can you broaden your potential market with some refinement? Some of these questions will have to be answered through market research. But for now perhaps you have the basic component to start with.
Start from within and then reach out. Even if you don’t feel you have a marketable idea, you now have a good perspective of what you know. Perhaps this knowledge can be used in conjunction with another idea that you’re doing research on. The more knowledge of your own that you can tap into, the less time it will take you to get your product to market. This is a key issue with any product.
For example a Builder knows that it will take 4 months to finish Plan A, a design that he has built previously, and it will take 6 months to build plan B a new design. Which is more cost effective? Plan A is already etched in his mind. He knows his actual costs, how much material and labor it will take. Plan B is a totally different design. A new set of estimates will need to be prepared; sub-contractors will need more information in the form of new blue prints. There is always a learning curve when implementing a new design or product.
Given that plan A is a marketable design it makes sense to start with Plan A. If Plan A is not a marketable design then Plan B would be second choice, because the builder can draw from his knowledge base of previously built homes. Now if the builder decided he wanted to build cars he would have to spend quite a bit of time learning the car industry.
Stay with what’s familiar at first. You need to know, what you know first, and then you can diversify.