7 Analysis of Business Opportunities for Beginner Entrepreneurs

Business opportunity analysis is very important to support the success of a business. Often an entrepreneur has a dilemma when defining the product or service to be offered. Even feel doubt whether the product is unique and worth selling or not. One thing that can be done is to find out the strengths, weaknesses, opportunities, and threats that might occur. Business opportunity analysis is very useful in formulating company strategies, sales, and new business ideas. In every business, there must be a goal to be achieved. The following is an analysis of business opportunities for novice entrepreneurs

1. Identify opportunities and competition

Before starting a business, product identification can be the first step to face intense competition. Products that are unique and different from competitors will certainly be sought after by the public. It’s different if the products sold are the same. Of course, consumers will still choose similar products but with cheaper selling prices. In addition, sellers who already have credibility will be more sought after by consumers. Reading opportunities is very important when analyzing business opportunities. Choose different products from sellers in the market. Innovate so that what consumers are looking for is in the products you sell.

2. Get to know the market further

Market characteristics are very important to be recognized further when conducting business opportunity analysis. What kind of target are you aiming for and whether they are interested in the products to be offered. These two points are very important before starting a business. How big is your target market? To find out the market, you can start by collecting market data for at least 3 years back for all industries and markets as a whole. If you have done the analysis based on existing findings, you can assess whether the size and characteristics of the market match the product or service you want to offer.

3. Capital to develop business

Capital is the most important part of business opportunity analysis. Before starting a business, you need to think about it as best you can so that the funds needed are appropriate. If the business you want to run requires large funds, you should have started thinking about it. Where do you get your funding from? Is it by applying for a KTA or borrowing additional funds from fintech sites. Begin to identify various alternative options for obtaining capital. Of course, it must be able to provide financial welfare for the company and its workers.

4. Production capability

If the product you want to sell requires a production process, of course there are many production tools needed. Starting from production equipment, production equipment, to labor needs. This is certainly not an easy thing. You have to start thinking about the cost of the equipment. This is an important part of business opportunity analysis.

5. Designing a Business Plan

After finding what business you want to run, it’s time for you to start designing a business plan. This is the initial stage carried out by a prospective entrepreneur before starting his business. A business plan is in the form of a formal and written statement made so that the business can achieve its goals. Many people fail in their business because they lack careful planning. However, that does not mean someone who has made a business plan is successful in running his business.

6. Source of funds

The most important thing in designing a business plan is to include the sources of funds obtained. Is the source of funds coming from personal, banking, or investors. In this case, the source of funds must be stated as clearly as possible so as not to cause mistakes in the future. If you plan to get funds from investors or creditors, there are several points that must be answered. Some of them are whether the business can make money (starting from risk and return so that investors or creditors want to invest), whether the business owner really understands his business and knows who is a trustworthy person to invest.

7. Aligning perceptions among shareholders

In a business, there are usually several people involved in it. The existence of a business plan is very useful in helping shareholders to harmonize perceptions with each other. The goal is of course so that there are no misunderstandings in the future. Of course to minimize conflicts that might occur. It is very important to do a business opportunity analysis before starting a business. The introduction of weaknesses and strengths can help prospective entrepreneurs to get new opportunities to anticipate various bad things that might happen.