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MenuHow can I determine if an industry is right / has enough demand for an idea I would like to validate?
The initial idea is a discovery + booking tool for leisurely classes ranging from cooking, learning the guitar, a new language, etc...
Initial thoughts are that this would fall under marketplaces, e-commerce, but I'd like to have a better understanding of how big the market is, and how much of it I could potentially capture.
Answers
Yes there is a huge market for learning online. Just like clarity you just have to find the ones that fit your style of teaching.
Your biggest competition will be all those free teachers on youtube.
Your biggest expense will be marketing.
The easiest place to start is with any competitors currently in the space you are interested in. If they are publicly traded, their financial statements are a treasure trove of information regarding the market.
Even private companies reveal a lot when a Googled, although sometimes its a matter of putting together the puzzle pieces to see the big picture.
Trade associations can also be very helpful. Sometimes these reports can be expensive, but most of the time they are free.
Yet another option is to talk to the people you think would be customers. Learn everything you can to develop a better understanding of the demographic and let that specific criteria guide you.
For step by step guidance and resources on identifying and articulating markets, check out our platform www.ideaessentials.com
Thanks and best of luck to you.
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