Identifying Market Potential

Many entrepreneurs underestimate the size of their target market, mistakenly believing that existing competition significantly limits their reach. For example, a gym owner may worry about competition from other local gyms, but in reality, with a million potential clients in the city, they only need to attract a tiny fraction to be profitable. Understanding that there are multiple channels of communication and marketing to reach a broader audience can empower business owners to realize they can coexist and grow alongside competitors. By shifting focus from competition to market size, businesses can better strategize their growth plans.