Identify Target Market: Define the specific segment of the market you aim to serve. This could be based on demographics, geography, or other factors. Determine Market Volume: Estimate the total number of potential buyers in the target market. Calculate Market Value: Multiply the market volume by the average value of the product or service to get the market value.
For example, if you are selling a product that costs $50 and there are 10,000 potential buyers, the market size would be $500,000.