How Big is This Opportunity? Will this product make enough money for me to meet my Total Monthly Income (TMI) and still put away for savings, travel, or even better...take a mini-retirement? Don't forget to check out the Pro Tips and Action Steps.

You find this out by using some basic Market Opportunity Analysis skills and tactics. The goal is to answer a few questions pivotal to understanding if this product can produce enough income.

1. How Big is It?

• Identify the Customer and Market Need
• Size the total Market
• Identify key Competitors
• Define the Growth Potential

2. How Big is the Pie? (Total Available Market)

• How many people want or need this product?
• How large is the market (in $'s) if they all bought?
• How many units would that be?

How Do I Find Out?

• Simple Research - Compete, Alexa, etc. (see Pro Tips for more info)
• Industry Analysts - Gartner, Forrester, etc.
• Wall Street Analysts - Goldman, Morgan, etc.

3. How Big is My Slice? (Served Available Market)

• How many people need/can use product?
• How many people have the money to buy the product Total
• How large would the market be (in $'s)
• Available Served if they all bought?
• How many units would that be?

How Do I Find Out?

• Talk to potential customers

4. How Much Can I Eat? (Target Market)

• Who am I going to sell to in year 1, 2 & 3?
• How many customers is that? • How large is the market be (in $'s) if they all bought?
• How many units would that be?

How Do I Find Out?

• Talk to potential customers
• Identify and talk to channel partners
• Identify and talk to competitors
  

5. Market Size Summary

• How big can this market be?

• How much of it can we get?

• Market growth rate

• Market structure (Mature or in flux?)

• Talk to Customers

• Market size by competitive approximation (see Pro Tips for more info)