Assessing Industry Demand From Published Economic Statistics
Individuals starting up a business and getting ready to look for potential financing invariably find themselves with the daunting task of estimating demand for their product. The demand for a good or service is one of the most critical pieces of information the entrepreneur needs to produce that all-important financial budget which funding agencies require. Most of the developed countries of western Europe and the North America, have vibrant industry bodies and research organizations focused in the task of tracking the performance of different industries. The Caribbean is not so fortunate and therefore the information needed to make serious business and marketing decisions is sparse (to say the least). Consequently, the entrepreneur often needs to help himself. This article explores a simple method of getting a first estimate of the potential demand for a product by assessing the total demand for the industry with the aid of published economic statistics.