What do people spend money on? Dogs and babies.
Updated: Oct 10, 2021
One of the best ways to find a viable business idea is to look at what people around you care so much about, that they'll spend money without a second thought.
From there, you simply need to provide more value than the competition and be at the right place at the buying time.
The best way to do that is to compete on a different level from the competition. Niche and market your product as the "premium" version.
This post will explore 2 different audiences - or people that care so much that they're much less price sensitive.
Puppies and babies.
Wait, no... Puppy and baby parents. They're the buyers.
Both of these groups likely rank their "child" as the most important thing in their life.
Babies are a no brainer, a child becomes your purpose for existence at least until they're starting to be able to feed themselves. (I'm not a parent if you can't tell...)
Dogs are similar except they're never able to feed themselves... or entertain themselves... or do anything really themselves. Unless the owner lives on a farm or they are part wolf, dogs require human purchased resources to stay alive.
I'm going to share this idea to provide you some inspiration. Just like my other posts, if the idea resonates with you and you feel you're the person to do it...
Take action, and just start.
If you don't know where to start, reach out to me. We can talk through what steps are required to get to an MVP - or your Minimum Viable Product.
Anyway, the idea is quite simple. Look at some of the most common and best paying toys for dogs and babies, and make a premium version.
For example - I have a friend in Toronto who had an idea for his pup (thanks, Mitch!). You might have seen these ball launchers before (pic below).
All I've ever seen are the cheap looking plastic toys.
What if you made a premium wood or lightweight metal one? Or a custom design? Puppy name engraving?
Check out this "Chuckit!" sold on Amazon.
Over 15,000 people have bought it...
If you've heard of the 80/20 rule. You'll know that 20% of those people would pay 5 times more for a premium version.
(If you've never heard of the 80/20 rule here is a good overview.)
Dog-owners use this nearly every day. Think of how many dog-owners there are in your area and how many of them would prefer to have a premium version of something if they can.
Create this product, and all you need it to do is figure out how to get in front of those consumers at the right time. I won't get into that in this post.
For babies and young parents, you can do a similar thing.
Maybe it's a premium baby maraca.
Or a custom carved first spoon.
Or cute little custom clogs for the baby photo op.
The sky is the limit. Just look at what these motivated buyers need and figure out how you can create and market a premium version.