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Business idea - how to size the market

(6 Posts)
DizziDoll Fri 23-Nov-12 22:54:50

I have an idea for an online shop for a baby article.
What I don't know is what the potential for this product is. How do I go about evaluating it?

Well, I'd gauge what it is similar to. What the average buy is for these items. Whether there are addons. What your product offers over the existing market leaders etc.

It's also worth considering how much it would cost to make and whether the RRP would be reasonable given the costs of production.

MiniTheMinx Fri 23-Nov-12 23:14:38

Have you designed something and you intend to make it? have you designed something that you would need to protect in terms of intellectual property rights? (if so don't tell us what it is)!

Is there a gap in the market? Have you spoken to mothers about what products would make their lives easier? Would you buy it and if so why?

DizziDoll Sat 24-Nov-12 07:32:17

I haven't designed it not will I be producing it. It is an item I have used with my babies and love. Also, I am from a different country and the availanle brands there are different and lovely. So my idea is to import them and sell them here.
As far as I can see there is only 1 online shop selling a nice range of this item in the UK.
I see people using this item out and about all the time.
Do you think it could be worth approaching parents if babies in the center of town and asking them?
I will also need to find out the wholesale prices of the brands to be able to calculate a margin. That will be the next challenge.

MiniTheMinx Sun 25-Nov-12 20:00:31

It sounds like a good idea because many people prefer to buy from a business based in the uk, the postage charges are less for them.

If you use this product, you could ask lots of mums what they think of it without giving the game away!

Maybe the company would allow you to have a small order on sale or return because they haven't got a big market share in the uk? always worth trying to sell yourself to them, sell them the idea that it would be beneficial to them to have more than one retailer in the UK.

Good luck smile

Saffra Tue 27-Nov-12 10:31:28

Try checking out Google Adwords keyword tool. You can look at how popular your keywords are, which will give you an idea of potential sales.

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