So many people think the only way to make money is to have an original idea that nobody thought of. In many cases it could be true, but an original idea comes with its own challenges that you don’t have with an existing product. And you also need more capital to create awareness around that idea. Just think why has nobody thought of that or why has nobody pursued that as a business. Do your research thoroughly.
Take a look at Apple Inc. for instance. Did Steve Jobs invent the computer or smartphone? Absolutely not. He took an existing product and by adjusting it a bit, he built his own brand around it. There are so many Big companies out there who makes a lot of money but are not inventors.
I hear quite a lot of new ideas on a daily basis and some of those ideas need to make money quickly because, well, life happens. I personally love new inventions and will always encourage people to create a business out of nothing, but with that said, it will definitely a be a long-term investment and capital-intensive process and not for the feint hearted.
So, my personal advice and opinion today would be to start your business, live the dream, test an existing product or service. Many will now ask: How will I then be able to compete with all the competitors with the same product or service? The answer will be the “Apple sauce” you pour over it. It will be additional value you add to your product or service that will make customers buy from you rather than from your competitors.
The head start you have with an existing product or service has great opportunities to make money from the get go while a new invention takes time to develop and there are no guarantees that it will even sell.
So, go out there and find the right product or service you are passionate about and hustle hard.