Have you ever thought of a great business idea but didn’t know what to do with it? It can seem overwhelming trying to figure out what to do next. However, hundreds of thousands of people become entrepreneurs every month. These are some steps you should take if you want to become one of them.

Clearly Define the Problem and How Your Idea Solves It

Most successful business products and services solve a problem for their customers or address pain points they have. Therefore, your first step should include clearly defining the problem or pain point your idea solves. Then, you should explore how your idea solves it and if clients need anything else to get complete relief.

Research the Competition

The market may have existing solutions to the problem you hope to solve. Therefore, you need to conduct some market research. Look for ideas that are similar or the same as your own.

You should learn as much as you can about the competition. Learn everything from their product specs to their marketing strategy. Consider their price point and target market. Don’t be afraid of competition, but try to find ways to distinguish yourself from them.

Define Your Target Market

Your next step should include defining your target market. Who can get the most out of your product or service offering? Find out what you can about those who could use it by going beyond simple demographics. Identify where they live, their socioeconomic status, education level, age and other demographic factors, but also search for their hobbies, lifestyle choices, behaviors and the things they purchase on a regular basis. You should also learn how they prefer to shop for what you plan to offer.

Talk to Those Who Would Purchase Your Product

Some in-person market research can show you how desired your product or service may be. You can conduct surveys about whether they would use products like yours, or you can allow them to actually try it. You should also discuss what they would willingly pay for such an offering. Don’t forget to ask what products they use currently to solve the same problem.

Try to learn more about your target audience. As you review your results, you can adjust your offering based on the feedback and create several effective release campaign ideas.

When you complete these steps, you should be ready to turn your business idea into a business plan.