An idea should have every attribute listed here. If it is missing even one of these, then you need to either change your idea or choose something else entirely.
Do you like to do it? If you don’t, then you probably won’t make a great product from this topic. If you do like it, then you’re going to enjoy creating the product and that’s going to make your product creation 10 times easier than if you don’t like the topic.
Are you good at doing it? If you are, then you’re going to be able to convey great info to your buyers because you know what you’re talking about.
Work around for the first 2 attributes: There is an exception to liking to do something and being good at it, and it’s to find someone who fulfills both of those qualities. Partner with an expert in a topic and let them create the product while you focus on the marketing.
Is it something that’s difficult for others? In other words, you don’t want to create a product on how to place one foot in front of the other, since the vast majority of people have been experts on walking since age 3 or 4. However, if you’re good at rebuilding classic engines, you’ve got skills to teach that most people don’t possess.
Is someone already making money doing this? The odds are exceedingly slim that you’ve discovered the one thing no one else is selling that WILL sell. When you’ve got an idea that meets the first 3 criteria, check and see if others are also making money doing or teaching something similar. If they are, you’ve likely got a great idea.
Bonus criteria to a successful product:
Is your idea something you can implement QUICKLY?
If you’re looking to create a product to sell online, you’re not writing the greatest novel of all time or creating the encyclopedia to your chosen niche. Instead, you want something that goes from idea to implementation quickly, without a ton of expense or time involved. Why? Because you don’t want to invest a year of your time just to find out your idea wasn’t very good, or to discover your idea is now obsolete. Money loves speed and immediate action.
Even more important, the faster you can get your product to the market, the more enthusiastic you can remain throughout the entire product creation process. Conversely, the longer the process drags out, the harder it will become to finish.
