You need a million dollar opportunity

It is that simple. Thing is, how do you prove you have one? Too often aspiring entrepreneurs think they need spread sheets and extensive research to figure this out. These are just a distraction. Let me show you a better way.

Here is a market opportunity exercise. Say you have a bread or love someone who does. The problem, breads are itchy. Before y9u spend months of thinking to create the world’s greatest bread oil, let us figure out if you can rally make a million dollars from this idea, see if there a business here?

There are two key questions to answer to make sure it is a million dollar opportunity.

Is the overall market dying, flat or growing? You want flat or ideally growing.

Is this a million dollar opportunity? To figure that out, we have to know the number or potential customers and the price your product.

First, I would check to see if there are enough customers who would like to buy your bread oil. Market size is the single most important variable to quickly understanding the potential of any project.

I use Google Trends and Facebook Ads to answer those questions. They are great tools that help evaluate the size and growth potential of target market.

Search Google Trends for the terms bread and bread grooming and compare their search popularity to similar terms and how that is changed over the last few months and years. With Google Trend you are just looking to see how the graphs are trending.

I would highly recommend using Facebook Ads to research your market size. Facbook is pretty much the entire world and what is potential is that they actually let you type in the keyword of whatever business category you are thinking about and see the approximate audience size. You can also use the Facbook Ads Library to see every single active as running on Facebook for your keyword and location which is super helpful for uncovering competitors and getting ideas for your own marketing efforts.