How do you personally decide if a market is large enough for your product? 🤔
How do you find out and decide if a market you are looking to enter with a service, product etc is big enough?
Do you have a look at google search numbers for the main keyword correlated with your product/service? If yes, how high do the searches have to be for you to bother?
If the main keyword for a product/service got only around let’s say 90 searches per month would you still enter that market and compete for those 90 eyeballs 🤔 (not taking to account that not all of those 90 people most likely are not buyers)
If you don’t use google search numbers how large does the market size have to be in dollars/euros/pounds for you to enter it?
I know that the main goal is to solve problems and not run after the money, this is purely an experiment since if there’s no market for your product why waste time in the first place.
It is definitely important to think about the size of the market but you can think of it in many different ways. There is the market you can address today, then there is the market that your idea could possibly address in the future. When thinking about the size of the market the best question might actually be "is the market small enough". If you can find a small niche market and solve a problem for that market that no one else has solved then you have a monopoly over the market and many areas of creating the business suddenly get really easy.
The question then becomes, how can you grow the market or address the needs of adjacent markets in order to grow the business.
This is basically the premise of Peter Thiel's book Zero To One - I don't agree with everything in the book but it can be a useful thought model for looking at things a bit differently.
Another point - it is also important to consider your goals, the capital outlay for starting the business, need for outside investment etc... If you just want to create a modest sized business that generates a stable income and an independent lifestyle then a small market is fine. If you want to create something big with outside capital and/or a big capital outlay then obviously the market (or potential market) needs to be bigger.