Hi! The quick answer is that simple invention ideas are great as they are the fastest and least expensive to develop, yet can still be highly profitable.
I run a consumer product firm which has developed hundreds of inventions for home-based inventors or small product firms - Essentially we take it from Idea to Store Shelves.
The best advice I can give is to ONLY do what is absolutely required to sell product... There are lots of great services out there that are beneficial; however, if you're on a limited budget, stick to only what is necessary to make a sale, which is: 1. Industrial Design / Engineering, 2. A manufactured sample and a manufacturer who can produce product, and 3. A provisional patent.
Essentially what you need is a real, physical, and fully functioning unit of your product, the prices to manufacture that product and a manufacturer who is ready to produce units, and intellectual property protection so that your idea is not stolen.
Once you have these 3 items, you can start to present your product to wholesalers, retails, distributors, etc. If someone likes it and the price is reasonable, they can place an order, and your business and dream product starts to grow. From there, there is a whole world of possibilities, but the most important thing for now is to develop your product from 'idea' into 'real'.
Whatever you do, do not get caught up in the idea of 'licencing' your idea. An idea is almost impossible to licence unless it is CURRENTLY being manufactured AND being SOLD through stores. If someone or a company says that they will help licence your product idea for royalties, etc., then they should be willing to do that for FREE, no charge, no fees. Many people attempt to charge fees to licence a product idea; however, if you aren't currently selling in stores, it will almost be impossible to get any form of monetary payment, so they usually are just trying to get your fees for their 'marketing' services, which are almost useless for an undeveloped product, and they know this.
If you would like more information on some of the details of product development, we have a free Invention Guide on our website, check it out here: http://www.makoinvent.com/free-invention-kit/
An Idea itself has different states , you need to get a advice basing on existing state of your idea.
In case if you are in initial state, where you have this idea struck your mind and you have a plan at high level on how to implement it, you need to look for some one relevant to your product domain and brainstorm with him.
*Strictly don't approach any business guys with your idea in its initial state.
All the best !!
Given the broad nature of question, I would suggest talking directly to consumers and see their reaction towards such product. It may require some modifications based on consumer's feedback.
Once you zero in on what is exactly required, you can talk to industry experts with regards to launching the MVP and an IP Lawyer to protect corresponding rights.
Hope this helps.
How many simple household kitchen products under $5 currently exist?
I could go down the aisles of Walmart and count thousands. Amazon probably sells thousands more. Those are only the mass marketed products. There are thousands more that are sold only online, or only through certain types of stores.
Put that altogether, and there are hundreds of thousands of products similar to yours. Now ask yourself: how are you going to stand out from all of those, educate the consumer on what you are selling, and get them to part money and spend it on your product, and not the thousands of other things competing for that same $5.
Then you have to convince that consumer to keep buying your product even as more come on the market trying to shove you aside.
As you can see, it ain't easy. The only person you should be talking to is a person who has already done exactly what you are trying to do -- sell inexpensive household products.
Those people are not easy to find. They don't need you or your business, and they don't hang around bars where other entrepreneurs hang out. When you find that person, he or she must get excited enough about it that they see the possibility of a making a lot of money in it.
You can't pay these people enough of a salary. What they want instead is a piece of equity in your company. They will want at least one-third or more of the company. that's fine! Give it to them because that is your best chance of selling it.
After you have a couple of years of strong sales, then you want to sell the company to a large conglomerate. This person will already have those contacts in the industry and will position your product so that it fits in the lines of a Proctor and Gamble.
This is the only type of person you should deal with. Consultants will take your money and if they don't deliver, they still get your money.
So where do you find the right people? You have to cultivate ties in the household product industry. Go to conventions, ask questions of everyone, learn as much as you can. Visit trade shows, find people who used to work at the big conglomerates but are now retired, or left to start their own business.
It isn't easy, but then you haven't chosen an easy industry to break into.
My bias, as a Lean Startup evangelist, is to strongly recommend that you work through a Lean Startup / Customer Discovery process. You can find a number of free online workshops that can help guide you through this process. Steve Blank's course on Udemy comes to mind: https://www.udacity.com/course/how-to-build-a-startup--ep245
Feel free to ask any followup questions. It is EXACTLY for people like you with challenges like yours that the Lean Startup and Customer Discovery process were developed!
Wishing you every success.