I've had a similar idea, except in addition to toasters, it's midsize pickup trucks, washing machines, dryers, dishwashers... What I've found is that regulations make it impossible to sell simple machines, labor costs make it impossible to compete on price, lawyers make it impossible to go to market without being sued, and consumers who say they want reliable, well-made goods will balk and buy cheap stuff en masse wh…
This would be my biggest concern. The potential field full of landmines that is the patent process would give me pause. Not spending the money to properly research because of bootstrapping the process could ultimately be more expensive if some other company comes after you for patent infringement.
Whatever your idea is, I would definitely do some investigating before investing too much time and effort getting too far down the road to ultimately hit a patent caused dead end.