Sample Market Size Statement
H-O Designs, an office designer targeting home-based workers in the Lagos area, did extensive research on the number of people in its region that work from home. Here's how it described its market size and trends in its business plan:
The home based business market is a fast growing segment of the Nigerian economy. The turmoil in the Nigerian corporate sector have translated to Fewer corporate opportunities, while advances in communications technology and the desire for work life balance have caused an exodus of professionals into their own businesses.
Entrepreneurship has become a very popular option and it is estimated that 97% of the 3 million registered businesses are small with usually one employee in the initial first months of set up. According to the corporate affairs Commission 300 new businesses are registered daily in Nigeria with at least 50% from Lagos and its environs. Office rents are very expensive in the Lagos area and the preferred start up location is at home.
Due to the economic down turn and corporate mergers and acquisitions, it is expected that retrenchment and redundancies will continue. As a result home based businesses will continue to flourish.
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