How to determine Market Size

[guitarmax42]

Hi Guys,

Im trying to start up a website, but first I want to know how much business I can actually get. What are the best ways to determine a market's size and longevity? I'm trying to get into the guitar pickups and parts industry, and I have no clue as to judge if its worth my time getting into...

[pacificfame]

If this is just a local business then you should do this... Create a survey on what you will be offering and asking the people in the area if they would buy/use your service/product.

If you generate enough response that is positive then go for it.

Different story if this is just an online focus.

[Lambo]

talk to existing business about their current customers. Try to be suttle and don't hint that you are going to start your own. Also you can surprisingly find alot of information on the internet via peoples interests etc...

[SeaSquirrel]

I would google the business your trying to start, including local city and see how many results come up on google

example showing 1 of 10 of 1,000,000

[guitarmax42]

These are some great ideas, but since mine is purely an online endeavor they don't really fit what I need. I need a way that you can judge the market only by using online sources, and not brick and mortar stores.

[inle]

I figure you meant you are trying to the total market size for your start up, in your case, guitar items..

Let us have the common understanding that we know what's the term "market size" is..
In your case, market size means 3 things..

1. The total market trends of musicial/guitar items over a period of time(i prefer to compare for at least 5 years).. This is to check if this market is booming & declining & its behavior.. I will also like to see the perceptions, tastes of my target customers towards this trade..
I choose musical items as well because there is a possibilities of postive correlation in statistics terms & also possibilities of allying in business terms..

2. The total market size in terms of unit sales..
This will look at how many people buy what kind of musical items & how many of them over a period of time(i use 5 years)..
Best is if I know who & where they are buying from & why..

3. The total market size in terms of $ value..
Yes, it will be the amount of sales measured in $ over a period of time(5 years)..

Since you are selling guitar items, you might want to check on the retail(offfine) & also internet(online) datas..
Offline & online stores are your competitiors/alliances so it will be good if you know more about them so you got to leverage or have an edge over them..

I wonder if this is the kind of datas you are looking for?
I wonder if this is the kind of datas you want to have?

[guitarmax42]

Thanks inle, those are exactly what I need. I'm still trying to figure out where I can get those numbers though...

[inle]

Thanks inle, those are exactly what I need. I'm still trying to figure out where I can get those numbers though...

You are most welcome..

Check with the government or industrial agencies..
If you are lucky, you might get something for free..

Otherwise these market reports are usually prepared by market research companies..
& yes, they really are expensive(at least for me)..