Determining the market size for your product or service can be tricky.
Answer these questions and you're well on your way to presenting your market size like a pro.
Questions
- Define your target audience & target city. From publicly available census information (depending on the cities or towns), how many constitute your target audience?
- Are revenues for major players decreasing or increasing? (Using publicly available data)
- How much is your industry worth? (Review industry articles and note the smallest & largest your industry could be worth)
- How much has your industry grown over the past decade?
- What new developments are changing the size of your industry?
- Has distribution changed within your industry?
- What are new trends and emerging channels for distribution?
- How does your business utilize current and new prospective distribution channels?
- What are major trends in your industry?
- What are substitute products in your industry?
- What are barriers to entry?
- In your industry, is it possible to achieve an economy of scale?
Bibliography
USBA, U.S. Small Business Administration - Market Analysis
Wikipedia - Market Analysis
Entrepreneur - Conducting Market Analysis
Entrepreneur - How to Do Market Research
Inc.com - How to Write a Market Analysis
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