If you have brainstormed a great business idea, it’s time to move it from the daydream phase to a real opportunity you can pursue. Here are a few tips to help you get started on taking action on your entrepreneurship dream.

Focus on Solving a Problem

The most successful new businesses solve a problem for their customers. Think through all the reasons your product or service is a great solution to a need that a large portion of the public faces. This helps you determine if there is a genuine need for your new company.

Research Your Competition

A 100% new business idea is very rare. Having competitors is an indicator a market exists for your company. Research all the aspects of the products or services of your competition. Then, think about how you can offer a better product or service to improve the customer experience. Try to pinpoint how your company will be different so yours stands out and gets consumers’ attention.

Identify Your Target Audience

What part of the population benefits from your products or services? Is it for young professionals or senior adults? Will your customers be suburban families or urban dwellers? Identifying your target audience enables you to research the needs and wants of your ideal customers so you can focus your marketing efforts on telling them how your company has its solution. This smartly spends your future advertising dollars reaching the people most likely to make a purchase from your business.

Create Your Company Brand

Put your creative mind to work brainstorming potential names for your business. Do your best to come up with something new and different. Once you have the name down, create a memorable tagline to go with it. Then, start sketching some ideas for a logo. These three important things make up a large portion of your brand. They create the first impression consumers see of your business.

Develop a Business Plan

Think through all the tasks you need to complete for your startup, and develop an actionable business plan. Include your strategy for building and distributing your product or service and your growth plans. Add how you will market your company to your target audience. Having all these details in writing helps you really see what it will take to start your company.

Following these tips assists you in moving your great business idea from a dream to a reality. In addition, they can help you achieve your entrepreneurship goal.