Many founders skip this step and instead focus on features and user interfaces, only to discover later that no one needs what they created. So, take a deep breath, talk to people, and conduct some market research through interviews or surveys. Check out what your competition are up to. If there are crucial features that you should add or improve in your software product development services, do so.
You've decided on an approach. The next issue is: What are the actual steps to bring it to life?