Read All You Can
One can hardly make a headway in inventing a new product or service without paying attention to the information around. Therefore, the first step in finding a new product or service is to read newspapers, articles, and advertisements. Get and read every possible business publication you can find. Most times when people have new products or services available in a market or they’re looking for someone to sell it or distribute it, they advertise in the classifieds under business opportunities. Have it at the back of your mind that the more information you have, the better decisions you will be able to make.
Attend Trade Fairs
Trade fair is an occasion where manufacturers and producers exhibit their products and talk to potential customers. Although, in some developing countries like our, the purpose of trade fair is being interchanged to a place where you purchase cheap things, visiting trade fairs be a great way to breakthrough discoveries. You need only a business card to get into a trade show and they hold trade fairs everywhere all the time. You can have business cards made up for you in 24 hours.
Study Trade Publications
The third way to find new products or services is to read trade magazines and newspapers especially in your field of knowledge or expertise. Go down to the library, libraries usually have them all. Take a look at all the magazines and then subscribe to the very best ones. Find those new products/services and begin to look for the lapses in the seemingly perfect products. Read everything that you possibly can.
Chat with the Key People
Do a personal research through the people around by presenting yourself as a shopper. Sign up at the beginning, pay the entrance fee, and present yourself as a buyer looking to buy the products being offered. Then go in and talk to the key people there. Find out what they’re doing, what they’re selling, how they produce, how they market, where the market is going, what the industry trends are, what is successful and what is unsuccessful and so on. Get as much information as possible.
Tap Into Your Network
The fifth way to find a new product or service is through your friends. Tell them that you’re looking for new product ideas. Tell them you’re looking for something to produce, distribute and sell. Have them keep an eye out for you. Seek their contribution and ideas. Sometimes your friends will see things that you won’t see, or they’ll see things when they’re traveling and so on.
There’s no such thing as a perfect product. No product, no matter how suphisticated, is perfect. There are opportunities for development in every product, no matter the line. That term ‘new model’ actually means the development of an old model or product. The first aeroplane was also considered perfect. This was however proved wrong by subsequent development and innovation. Same applies with every product we see around today. The development never happened until someone sat down to think. Therefore, reflect, ponder and use your mind to consider ideas and make judgements about your findings. Criticize and search out the ‘imperfection’ in that product, and act accordingly towards a better development.
Most products are never sold outside of the country that they’re manufactured in. Sometimes all you have to do is find a product that is selling well somewhere else and bring it into your market area, and you will be amazed that can be the start of your business breakthrough. Unlimited success!