Artwork for podcast Gift Biz Unwrapped
Tips & Talk 108 – Do You Have the Next Big Idea?
29th March 2023 • Gift Biz Unwrapped • Sue Monhait
00:00:00 00:12:15

Share Episode

Shownotes

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.

Mentioned in this Episode

Content for Makers Inspired! Daily Planner Start with Confidence

Get Free Coaching thru a Gift Biz Boost!

A Gift Biz Boost is a free one-on-one strategy session discussion a part of your business you're trying to grow. Maybe it's the first steps to getting started, or how to attract more sales, whatever your current focus is. You'll leave with actionable steps to "boost" you forward. CONNECT with me here: WebsiteFacebookInstagram SUBSCRIBE to the podcast: Apple Podcasts | Google Podcasts | Spotify PAY IT FORWARD by leaving a rating and review. I'd love to hear your comments. Tell me how the show has helped you or a specific guest or point that had an impact. You can do that right here. Thanks for listening!

Resources for Growth of Your Handmade Biz

5 Rookie Mistakes Webinar (FREE) Start with Confidence Networking Ninja Content for Makers Inspired! Daily Planner Makers MBA

Check out the Merch Shop

Gifts for you or your biz friends that will make the days brighter and add a touch of inspiration and happiness. Enter the shop here.

Join our community of handmade product makers

Gift Biz Breeze is an active and inspiring group of creators at all levels of business development. Ask questions, see what others are working on, and learn new things - it's all there and we're waiting for you to join us!

Finally, would you please leave a review? Thanks!

It helps other makers like you find the show and build their businesses too. You can do so right here: Rate This Podcast  

Transcripts

Speaker:

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.

Speaker:

If you're just now starting to think of starting a handmade

Speaker:

product business,

Speaker:

at this point,

Speaker:

you may be thinking about your business name and logo.

Speaker:

That's what would be natural and what most people would do,

Speaker:

but hold on a second.

Speaker:

It's not the best initial step.

Speaker:

There are other important things to do first to make sure

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.

Chapters