If you have an idea for a business that you know could be successful, there has never been a better time to go after that dream. The idea of entrepreneurship can be intimidating, but the payoffs such as being your own boss, enjoying financial independence and watching the fruits of your labor change the world are absolutely priceless. Before you dive in, there are a couple of things you can do to lay the groundwork and get off on the right foot.

Find Your Target Market and Talk to Them

Having an exceptional idea is a great start, but it’s important to know exactly who will benefit from your product or service. Niche down as far as you find is appropriate, and once you’ve established a profitable market, engage with them. Find people who fit your demographic, whether in your personal network or online, and discuss with them topics around their need for your product or service. Ask about their history with similar solutions, what gaps they’ve found in this industry, what they’d be willing to pay for such a solution and so on. The idea here is that you don’t want to create your offer based solely on what you think they need. Talk to them and find out what they actually need.

Research Your Competition

Contrary to popular belief, competition is a wonderful thing. Competition in your market means that there is money to be made. If no one is currently doing what you’re setting out to do, it may be because others have tried and failed, realizing there was no need for that product or service. So do some investigation. Of course, checking out your competitors will give you an idea of the going rate and success level, but what you really want to look for is the money they’re leaving on the table. Is there something that your competition is overlooking or just omitting that you could capitalize on? Basically, you want to look at what they’re doing and see if there’s a way you could do it better or do it with more exceptional service.

Keep Going

After doing both of these important steps, you’re ready to move forward with your idea and secure funding, set up production and hit the market. The rest of the entrepreneurship journey won’t be a walk in the park, but with conviction and dedication, you can and will enjoy the freedoms that come with being an entrepreneur. These first two steps, while they may seem a bit basic, are a solid way to lay the groundwork for a successful business.