Consider the Size of Your Market

It is necessary that you determine the size of your market. Some products and services like you may see on "Shark Tank", for example, or other products are well known items that a lot of people already purchase. They may be relatively affordable in price or they may draw the interest of a really vast audience of people.

There are many products, on the other hand, that cater to a more niche market. Candles, blankets, picture framing. These products are more in the line of hobby items based around the decoration for one’s home. Demand for these types of products will certainly sell also but you must find your niche which in most cases will be much smaller in size when compared to the mainstream market.

Here's an advantage of choosing a particular niche. For one, you will certainly have much less competition. For instance, if you focus on glass-ware, you will certainly have an overwhelming amount of competitors, in addition it will definitely be harder to stand out. Nevertheless, if you have developed glass-ware that keeps your drink cold on extremely warm days, now you have created an idea that caters to a very small and specific niche that not many people would consider.