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Start by defining your idea in business terms. It's essential to have written a business plan. As painful as it might be to write, the business plan will serve two critical purposes.

First, the process of writing the plan will help you clarify your thoughts and objectives. It's a giant leap from "I've got a million dollar idea!" to putting a million dollars into your business account. The business plan is your road map.

A business plan requires a realistic look at almost every phase of your business and allows you to show that you have thought through all the problems and possibilities for your new venture. A well-written plan functions as a key tool for communication, management and planning. It can be used to attract investment capital, secure loans and convince workers to sign on. It helps you track, monitor and evaluate your progress.

By using your business plan to establish timelines and milestones, you can gauge your progress and compare your projections to actual accomplishments. As a planning tool, the business plan will help you establish alternatives so you will be better able to identify and avoid roadblocks and obstacles. The business plan is a living document that you will modify as you gain knowledge and experience.

Talk to your intended suppliers and, if possible, your intended customers.
Do research at the library, through the media and over the Internet.
Contact the Small Business Administration, the Equal Employment Opportunity Commission (EEOC) and other government agencies for relevant market research data and business forecasting information. These data will enable you to make solid projections for your business.
Get involved with trade associations and subscribe to trade publications. These groups can give you access to marketing avenues as well as forecasts of demand levels and industry trends. Participating in these groups is also an excellent way to meet people in your industry, potential customers and other business contacts.

Build your team of professional advisors. This is no time to go it alone. Find and consult qualified professionals - lawyers, accountants, and financial advisors - to help you include the best decisions in your business plan and to assist you when your company is up and running.

Ask other local business owners or trade associations for referrals. Even if your dream business is small and you have a great deal of experience in that particular line of work, don't expect to know all there is about running a business. Good advice may be the difference between success and failure.