Day 7: Market Size

[Day 7/30: Product Manager to CEO 30 Day Challenge]  When you're starting a new business, it can be hard to know where to start. One of the first questions that comes up is "how big is the market?"

It can be tempting to jump right in and start selling your product or service without thinking too much about whether or not there's enough demand for what you're offering. But this is a big mistake! In fact, if you don't take time to consider market size, it's likely that your business will fail before it even gets off the ground.

Why Is Market Size Important?

Market size is the number of people who can buy your product or service. It's important to know how big your market is because it helps you decide how much money you need to make your business successful.

You'll want to look at both the current size of the market and how much it's expected to grow over time. If your product is new and innovative, then you may have a smaller market than if you're just selling an existing product or service.

Once you know what size your market is, you can start looking for ways to reach out to potential customers and find out if they're interested in buying what you have to offer. You should also look at how much money each customer will spend with you on average—this can help determine if this type of business will be profitable or not.