Talk to your potential customers
If you’ve got an idea, you probably already have an idea of who your potential customer could be. So go and talk to them. This bit will help you understand whether there is a market for your product or service, how much demand there is, what people would be prepared to pay and how often they would be prepared to pay for it. This is also a good opportunity to find out about your competitors. Document everything you learn – it may prove useful for your business plan.