Opportunity Analysis for Business Idea

Opportunity
Analysis for
Business Idea

Contents
Introduction...........................................................................................................................................3
Problem and need analysis....................................................................................................................3
Consumer analysis.................................................................................................................................4
Market analysis.....................................................................................................................................5
Internal capabilities...............................................................................................................................7
Commercial viability..............................................................................................................................8
Conclusion...........................................................................................................................................10
References...........................................................................................................................................12

INTRODUCTION
For an entrepreneur, it is required to analyse several opportunities that they can grab
with the help of innovative ideas (Davidsson, P., 2015). In order to have a specific view and
prepare plans accordingly, incentive analysis applies to the establishment of demand and
competition analysis and the study of business conditions. The objective of a business idea
should base on providing desire services to customers after analysing their requirements and
needs. This report is based on a business idea of ‘The Helping Hand’ which is a remote
online-based business process outsourcing centre. Main objective of this firm is to provide
recruitment services, IT services, social media marketing, accounting as well as provide
business solutions. In this regard, this report is going to cover problem and need analysis of
firm, consumer and market analysis, evaluation of business capabilities as well as its
commercial viability.
PROBLEM AND NEED ANALYSIS
A business idea always requires to base on specific objective by which an
organisation wants to solve issues of their customers. In this regard, it is needed to evaluate
customer’s requirements and need as well as major issues of them. Through this, the
examination of opportunities is the method of finding and exploring circumstances of sales
growth or cost savings to help prepare the company to realize improved profits, efficiencies,
business opportunity or other beneficial goals. The business idea of this report is highly
concentrated towards the issue of recruitment on the basis of individual’s potential skills and
knowledge. In this regard, the problem and need analysis of Helping Hand is based on
providing solutions of customers after analysing their business problems and recruitment
needs. This, the business is going to provide them effective consultancy to provide solution
based on legal practices, tax policies and so on. Main objectives behind such is to provide
sustainability opportunity to a firm in order to gain highly competitive advantages from target
market. Legal issues that a firm can face are:
Intellectual property issue: For a firm it is required to manage all the intellectual
property items, from the logo and motto to the colours that they use on the website to the
labels which have assigned products, and they need to be covered (Ezeogidi, 2020). Instead
that, without legal consequences, anyone wanting to re-use them, share them or claim them as

their own will do so. Thus, Helping Hand helps to consult with a firm in order to manage
their intellectual property issues effectively.
Legal issues with employees: Employees are the strongest asset of an organization,
but if they are not well handled or if the ground rules of the partnership are not set from the
very outset, they may also turn into a significant legal liability. In this regard, it is required
for each and every organisation to set ground rules related worker’s right, authorities their
participation in business practices as well as partner’s share in firm. Thus, in order to resolve
such issues of any firm, Helping hand provides their support to resolve employment issue of
any firm.
Issues related to talent hiring: one major issues which are faced by many of the
organisation is to hire correct candidates as per the requirement and need firm in order to
successfully accomplish their target objectives (Gartner, Carter and Hills, 2016). In this
regard, Helping hand provide recruitment consultancy services to their customers by
analysing their business requirements and its nature.
Accounting: Remote online based business process outsourcing centre can provide
advantage of experience and offshore the accounting and finance operations. As offshoring of
accounting and finance roles presents a tremendous incentive for cost-saving whilst
encouraging to concentrate on main market issues.
IT solution: Helping hand can provide services related to IT solutions by eliminating
the expensive responsibility of keeping up-to-date infrastructure and obtaining access to
world-class IT services from a team of IT specialists. They can serve strategic advantage and
reduce the costs dramatically with the superior IT outsourcing services.
CONSUMER ANALYSIS
Business process outsourcing works effectively in the Australia and different
countries. A core component of BPO is collaboration as well as communication tools which
allowing screen sharing between remote employees and equal local staff. Collaboration
between apps, allowing both users to access the same data in real time, is a big advantage of a
screen sharing program. This technology also helps the company to effectively invest in
training to teach and explain organizational procedures to remote workers. They also play
outsource roles like customer support and call service (Palepu and et.al., 2020). In addition, a
virtual offshore team will seamlessly collaborate through instant interconnection. In the