After you have found a great niche market that is actively looking for a problem that needs to be solved, your next task is come up with a product that deals with that problem.
The best way is to brainstorm a list of possible solutions. Do not worry about the logistics of developing them at this stage of the game or second guess your ideas. You mainly want to get your creative juices moving as you write your thoughts down on paper. Allow everything in!
Consider services as well as products, check the products your competitors offer and ask yourself where you could improve on them. Perhaps they do not address some aspects of your market's problem. Maybe they are too expensive or to complicated for beginners to use or comprehend. Perhaps your competition is not specialized enough or maybe they are too specialized.
There is also the possibility that the solutions available are offered by individuals who are not experts in their field and don't really know what they are doing.
Keep asking yourself, "What can I offer that no one else is providing?
How can I make my solution different from anything else that is currently being offered?"
Take Raymond Lemire who created FlyingNoodle because of his love of fine food. He wanted to develop an online home business based on this love.
He decided to "one-up" his competition be selling only high-end gourmet pastas and sauces. So he sells exotic pastas such as "Roasted Red Pepper Fettucine" and his sauces range from "Portobello Shiraz" to "Artichoke Heart Pesto".
Instead of making these products himself, he buys them wholesale from other high-end Italian manufacturers and then offers them for sale through his site and his business revenues are $1 million a year!
Then there is Scott Marino who wanted to start a online home business with his sister and her husband. Their idea was to sell lingerie, but realized their was too much competition online. Then they came up with the idea of selling only novelty underwear! Now their site, WebUndies is the bigest supplier of novelty undergarments on the Web and it is generating revenue of $650,000 per year!
So, it's important to keep your mind open to all possibilites, since your winning product idea may come from the most unlikely source and it may be something very different from what you originally envisioned for your home business!
About the author: Larry Potter is a recognized authority on the subject of starting a home business with little or no cash. His website provides a wealth of informative articles and free resources on everything you'll ever need to know about a home business. More tips can be found here
Author: Larry Potter