1. Translate the trend into something logical. If the product makes sense to you, it probably makes sense to someone else.
2. Do you see a demand for your concept? Would you buy it? Ask your friends and family for their input. Visit trade shows and ask collectors what's missing from the market
3. Research any and all legal aspects of the item to ensure there are no hidden liabilities. The manufacturer may prevent you from using any part of its product's name to market your idea.
4. Research the resources you're going to need: production, advertising, packaging, labels, postage and, most important, your time.
5. Get in early. When you see a fad getting hot, jump in at the very beginning. While you're wavering back and forth about an idea, someone else may jump in.