About this lesson
It will help you find out how many people use the kinds of products or services you want to supply; determine if the market for your business type is growing, and discover how many consumers or businesses there are in your target market.
How much does it cost?
These lessons are provided free by New Zealand Trade & Enterprise.
Why you should do it
If you are looking to start a business then you will need to estimate cash flow and build some financial projections (both for your own use and for other support people). Knowing the probable size of your market is the first step.
Who should complete it
People who are starting up a new small business and need to develop an idea of what the potential market size might be for their product or service. This information is often needed to support their business plan or justification for starting, and to assess the possible future revenue opportunity.
What you will end up with
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An estimate of your potential market share using a range of methods, including looking at external data (for example from Statistics New Zealand), assessing competitor size and your own view of the market.
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A downloadable Excel spreadsheet that will help you to estimate your actual market size.
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A template to record your competitor pricing research