It represents the total amount of interest that there could be for a product. For example, the market potential for a brand new pet toy could be worth £500,000 in sales each year. In terms of sales volume, this same product might be worth 50,000 units per year. Once you have a product or service in mind that you’re interested in selling, you need to work out its market potential. Some large companies and public sector organisations invite selected suppliers to tender for business. Your aim will be to ensure that you are invited the next time they are buying your sort of product or service.
- Many businesses center on the simple concept of importing products in bulk and selling them individually for a profit.
- If you don’t already have a product in mind, choosing one that’s not already popular or competitive can be difficult.
- There are even Shopify apps,