Many businesses are looking for new ways to generate income in today’s difficult economy.

New business innovation is one way to increase revenue by developing new products or enhancing existing products to increase sales.  In today’s economy, people are still buying products and services, but often purchasing things they already have.  For example, people are still buying televisions, cellular phones and video game systems.  But, today, many people are less likely to buy a new type of product they have never purchased.

Keeping this in mind, when developing innovation in your business consider adding new features to your existing products that make the product faster, cheaper or more useful.  Assuming people are already buying your type of product, you can create a competitive edge if your product provides new features or a better value to the consumer.

If you are going to create a new product, be sure that the market for that type of product is already established.  In other words, make sure that people are already buying that type of product.

In today’s economy, trying to create a new product category can be difficult and expensive.  There are many ways to apply innovation for business that do not require “teaching” people that they need a new type of product.

Start applying the innovation process in your business to find ways to make your current products or services stand out in the marketplace – and watch your business grow.