The second criterion that you should consider when determining whether to pursue a particular idea is the market size for the potential product. Obviously, if there is a huge market for your invention, if millions and millions of people will want to buy your product, that is best. You may feel “in your gut” that the product will have a huge market but that is not good enough. Do the necessary research to find out exactly how large the potential market may or may not be. You may need to get U.S. Census Bureau figures or check the circulation figures for magazines or trade journals for the area of your invention. Your local reference librarian can help you to locate sales figures for similar or competing products in business directories. Or, a good, professional evaluation should help you to determine the potential market for your invention.
Don’t assume just because you would like to have your invention that there is a large market for it. You may belong to the “Under 5’ tall pastry chefs club” and have invented a short baster that is easier for a diminutive person to use. In other words, the product is helpful to you and a few of your fellow club members but there would not be a large market for it.
