Often an entrepreneur experiences a dilemma when defining the product or service to be offered. Even doubt whether the product is unique and suitable for sale or not. One thing that can be done is to consult Channel Loyalty or be able to find out the strengths, weaknesses, opportunities, to threats that might occur.

Business opportunity analysis is very useful in developing company strategies, sales, and new business ideas. Every business must have a goal to be achieved. Some criteria need to be done to start a new business.

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.

Reading opportunities is very important when analyzing business opportunities. Choose a different product from the seller on the market. Make innovations so that what consumers are looking for is in the products you sell.

2. Get to know the market further

Targets like what you are aiming for and whether they are interested in the product that will be offered. These two points are very important before starting a business.

How big is the size of your target market? To find out the market, you can start by gathering market data at least 3 years back for all industries and markets as a whole.

3. Capital to develop the business

If the business you want to run requires huge funds, you should have started thinking about it. From which sources of funds, you can get.

Begin identification of various alternative options to get capital. Of course, it must be able to provide financial prosperity for the company and its workers.

4. Production ability

If the product you want to sell requires a production process, of course, there are many production tools needed. Ranging from production equipment, production equipment, to labour needs.

This is certainly not an easy thing. You need to start thinking about the costs of the equipment. This is an important part of business opportunity analysis.

5. Designing a Business Plan

This is the initial stage carried out by a prospective entrepreneur before starting his business.

Business plans are in the form of formal and written statements 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 that someone who has made a business plan is successful in running his business. At least you have prepared it from the beginning.

6. Source of funds

The most important thing in designing a business plan is to include the source of funds obtained. Whether the source of funds comes from personal, banking, or investors. In this case, the source of funds must be stated as clearly as possible so as not to cause errors in the future.

7. Aligning perceptions among shareholders

In business, there are usually several people involved in it. The existence of a business plan is very useful in helping shareholders to align their perceptions.

The goal, of course, is that there will be no misunderstanding in the future. Of course, to minimize conflicts that might occur.

Analyzing business opportunities is very important before starting a business. Recognition of weaknesses and strengths can help aspiring entrepreneurs to get new opportunities to anticipate bad things that might happen.