Large market potential

While it's often a good idea to start by serving a small, niche market, a successful startup needs to have the potential to grow into a large market. A small market can be a great place to start, but it can also be a trap that limits your long-term growth.

When evaluating a business idea, it's important to consider the size of the market. A large market has several advantages:

• More room for growth: A large market provides more opportunities for growth and expansion.
• More resilient to competition: A large market can support multiple players, making it less likely that a single competitor will put you out of business.
• More attractive to investors and acquirers: A business with a large market potential is more attractive to investors and potential acquirers.

To assess the market potential of your idea, you can ask yourself the following questions:

• How many people have the problem that my product solves?
• How much are they willing to pay for a solution?
• Is the market growing, shrinking, or stagnant?

You don't need to have a precise answer to these questions, but you should have a general sense of the market size. A business with a large market potential is more likely to become a high-growth startup and a valuable asset. This is a key element of the 9 Elements of a Great Bootstrapped Business Idea.