13 Determinants and Recommendations of Potential Business Opportunities

Potential business opportunities for each person can be different. It really depends on the background of each. Several other things also affect the level of success and progress of a business opportunity.

13 Determinants and Recommendations of Potential Business Opportunities

This situation is an opportunity for everyone to have their own business development plans. Because what is potential for one person may not necessarily work well for another person.

This is also a guide that you can not arbitrarily execute a potential business. Something that works for someone else may not necessarily suit you.

Therefore, it is important to know the various factors that determine the success of a business opportunity that has potential assumptions. Here are some reviews of the critical factors in the success of a potential business opportunity.

Determinants of Potential Business Opportunities

A potential business opportunity certainly promises profits and business success in the future. However, you should not focus on the successful impact of the business opportunity. Because this is an inaccurate thought process.

Your focus should be on a basic analysis of the open opportunities. In addition, also consider the suitability of business opportunities with their respective provisions. This will be the development of logical and rational thinking.

To measure the suitability of a potential business opportunity, there are various factors that deserve to be considered. The factors are as follows.

1. Self Potential

A business opportunity must be in line with the potential of the business actor. This potential can include professions, skills, and various elements within you. Developing business opportunities that are relevant to these matters certainly has a higher potential for success.

One should not limit oneself in learning new things. But something new will certainly take more time and effort to find the point of success.

2. Community Needs

A business opportunity that looks promising must also be analyzed according to the needs of the community. Avoid developing a business based solely on trends.

Accurate market analysis can increase the potential success of your business. Meanwhile, being impulsive actually runs the risk of leading you to wrong analyzes.

3. Access Resources

In developing an opportunity, pay close attention to access to required resources. Avoid developing business opportunities whose access to resources is too difficult for you.

These resources can be in the form of raw materials, suppliers, labor, and various other business elements. Difficult access to these resources can make you fuss on technical matters and pay less attention to business strategy.

4. Relationships

At the beginning of business development, you will generally reach out to your closest relationships. It can start with family, co-workers, school friends, and various other relationships.

It is very important to be able to map out the closest relationship plan that will be the target of your business. Because from this segment a business generally develops into a large one.

5. Business Community

In addition to the previous considerations, you can also listen to opinions from more experienced figures. A more comprehensive analysis generally comes from external parties.

You can fulfill these needs by joining a business community. You can easily find access to these various communities on social media.

Examples of Potential Sources of Business Opportunities

The high distribution of information in the current era makes it easy for you to get references about potential business opportunities. However, not all of these references are the right things to apply.

Potential business opportunities should come from the things around you. The more relevant an opportunity is, the greater your potential for making that opportunity a success. Here are some sources of opportunity whose sources are all around you.

1. Profession or Service Provider

Potential business opportunities can come from your current job. Especially if you already have enough experience in the related field. Then you have mastered various tricks and fast lanes and become a competitive business value in front of customers.

There are several businesses that have developed from the professions and main expertise of their business actors, including:

  • Software development service
  • Graphic design services
  • Computer repair service
  • Culinary business

2. Someone's Bad Experience

A bad experience with a product generally doesn't just affect one person. This can now even be validated with social media reviews and online stores that you can easily find.

Developing a business based on disappointment with existing products is one of the most potential businesses. Because the disappointment generally affects many people. These opportunities are the target market for your business.

3. Community Needs

Other potentials can also develop from community needs. This can be validated from habits, professions, consumption patterns, and various other factors. Some of the products that developed from the needs of the community include:

  • Online motorcycle taxi service
  • Goods delivery service
  • Order food online
  • Virtual meeting app

4. Hobby

One of the most enjoyable jobs, of course, is a hobby that can be a source of income. It turns out that it can actually come true.

Various businesses have succeeded in developing both from hobbies and favorite things. Some of these businesses include: photography, cooking, martial arts, and various other favorite things.

Recommended Potential Business Opportunities

Like the previous review, potential business opportunities will depend on the individual who develops his business. Provision of self and surrounding conditions become a significant factor in determining the success of the business.

In terms of general needs and emerging trends, there are several opportunities that you can develop. These opportunities can be tailored to the profession, expertise, and other analysis.

1. Daily Catering Service

The need for healthy food consumption is unavoidable for everyone. The daily catering service business opportunity is one solution to this need.

Daily catering services are suitable to be developed in densely populated areas with high routines. Generally these people do not have enough time to process and choose healthy and nutritious daily foods.

This service is suitable for those of you who have a professional background in the culinary field or have a hobby of cooking. Besides being profitable, this business is also beneficial for many people.

2. Residential Laundry Service

Clean and tidy clothes are also a necessity for almost everyone. However, the process of meeting their needs will take time and effort. This sometimes becomes a problem for some groups, especially office workers and students.

Laundry services can thrive in areas with this demographic. However, a number of laundry services can also develop in the general public area without any problems.

3. Document Management Services

As individuals living in a state of law, everyone in Indonesia needs various documents to support activities. These documents are needed for educational purposes, employment, social assistance, health, and various other things.

But not everyone can understand the management procedure and have the time to do the whole process. This is certainly an opportunity for you to develop services in this sector.

4. Payment Service

Transaction needs are also something that cannot be separated from life. These routines are present in meeting the needs of electricity, clean water, communication, and various other things.

By utilizing smartphones and digital wallet applications, you can already fulfill these needs. These services have a very high routine of service usage in various regions in Indonesia.

Potential business opportunities should be developed through an in-depth analysis process. Self-capacity and market suitability are crucial in its initial development.

The next steps are determined by the perseverance and tenacity of each business actor to manage their business. Various collaboration opportunities and new innovations also sometimes need to be welcomed with open arms. All of this is for the benefit of your business.

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