You can even add additional variables to plug into formula if you want.

Notice how each variable opens up further room for categorization? Let’s say that you chose “a single product consumer” for your consumer class variable, and “fiction” for your product purpose variable. What you really have is a fictional entertainment product.

At this point, you have a new map to branch off from!

What comes to mind when you think of a single product consumer? E-books come to mind. Maybe product should be a work of fiction in e-book format?

This sounds good, so now all you have to do is figure out what types of fiction people are actually searching for online.

The next step is to go to overture.com and type in some keywords. In this case, I tried out “e-book”, “fiction” and “stories”. It appears that Harry Potter e-books are popular, but you risk copyright infringement on that topic. The number one niche for “fiction” happens to be “fan fiction”. Fan fiction usually involves new story lines (often of an explicit sexual nature) between popular science fiction characters. We’ll pass on that one as well.

However, keyword “stories” pulls up something interesting: ghost stories. Here’s an area where you could collect a lot of content from public domain.

You could also hire a professional fiction writer from Elance.com and have him or her put together some ghost stories or old wives’ tales for you - and voila! Instant niche product.

You can come up with other fun ideas within this one niche by continuing to play with variables. For example, if you repackage product purpose in audio-visual category, you might come up with other ideas like:

- A CD or downloadable set of mp3’s containing “spooky sounds” - A set of graphics or screensavers for Halloween - Some novelty software like a virtual ouija board or ghost-hunting game

Now, wasn’t that easy?

Four new ideas generated almost instantly and you didn’t even have to break a sweat...just fill in blanks of this formula and product ideas pop out like magic!

A powerful way to reap huge profits here is to act on right ideas fast. Turn million dollar ideas into million dollar products.

Many new entrepreneurs think success is all about developing a great product or service, but actually it's all about selling it. Before you spend tons of time and money developing your product, make a prototype or develop a clear and concise description of what it will be, and do some market research. Figure out who your prospective customers will be, and go talk to them! Ask questions. Find out what they'll pay. Consider their feedback and modify your design accordingly. Look at other companies that are selling similar products or services. Find out what they charge, how they market and what their competitive advantage is. Go into their stores and watch their customers. Find out what they are doing and why, and how customers respond. Once you think you have a clear understanding of what market wants, then move ahead with your product or develop your service.

You'll also need to decide what kind of company structure will best fit your plans (S Corp., LLC, sole proprietorship and so on).

If possible, work out of your home for awhile or rent minimum space and equipment necessary to run your business. It's important to keep your overhead as low as possible, at least until things start to take off. Resist temptation to rent a nice office and fill it with furniture and equipment. I used to think that was impressive, but I came to realize it was just expensive.

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