Some Points to Consider Before Starting or Investing in a Business. 

• Time allotment - How much time a week do you've to spend on this project? Take a week to research into whether the time you plan to allot is realistic to make the income you expect.
  
• knowledge base - What do you know about the field of business you're interested in. Write it down and research it. Pick books from the local library related to that business. However, if you're like me and you like to mark books, then, you may want to buy your own copies. Remember, you can listen to audio books or watch dvds as well. Amazon.com is a good place to get reliable information regarding most books on business startups that you buy. Review this invaluable start up business resource. Although the information is targeted at start ups in Pennsylvania, you'll easily find US government contact information regarding any business questions that you may've.
• Choose a niche market - Consider what you know, your available resources and the dynamics of your market to determine what part of the broader market would be more suitable to start with. It is better to start with a small enough target group instead of attempting to meet the needs of everyone. This will help you to focus, develop and make use of your limited resources to develop your brand.
• IRS - Check out the IRS site for small business accounting/tax obligations, small business resources and free elearning for small businesses.
  
• Draft Business Plan - Get some free business consultation from your local SBA,  SCORE or Micromentor. I've found these websites very useful in starting and building my business. When you discuss your idea with a professional they may help you to shape and rethink some of the issues you haven't considered. 
• Business Structure - After my experience with starting as a "sole proprietor". I advice everyone to stir away from choosing that structure because it is too limiting. I registered the name GIA company and 10 years later, I was told that I could only use that name in my area because others in the state have registered the same name. I can never incorporate that name. Besides it is more difficult to brand a business name that other businesses that you don't control are using. Too much confusion. Even if you are JUST starting and you're an individual with no employees etc, you can register as an LLC or S Corporation. Consult a lawyer regarding your business structure. 
• Business Name - What is in a business name? Everything! A name helps you stand out from among the crowd. 

Choosing a Business Name Do's & Don'ts

• Choose a name that's easy to remember and spell. As more and more people turn to the internet to look up companies, if your name is misspelled, you will lose a potential customer to the competition. 
• Avoid long names. 
• Avoid fancy names that have no relationship with the product or service you will market unless: a. you have lots of money to invest in advertising and building the brand name. or b. You're a well know personality with a large following so that it'll be easy to start marketing to your followers. A name like justhost is easier to associate with webhosting than Godaddy. 
• Use keyword tools to help you research names that others in your field have used successfully. It will help you generate a good name for your business and/or website. It would also help you with keywords for your website. 
• Find out if your name is available in your state before you start using it. Free business name search. I would suggest as soon as it is feasible you get a trademark for your business. You can consult a trademark lawyer to register a trademark 

• Get an EIN number for that name as soon as you verify that the name is available. You can get an EIN number from the government within a minute of requesting it online or by the telephone.

Importance of an EIN Number

• An EIN number or Employer Identification Number is free. An EIN is also known as a Federal Tax Identification Number.
• You don't have to register a company before you get an EIN number. You can get an Ein number from the IRS as an LLC or sole proprietor etc before you formally register your company.
• You don't need employees before registering for an EIN number.
• An EIN prevents your personal identification such as your social security number from being stolen as you do business.
• You need an EIN number before you can open a business bank account with a fictitious name.
• Depending on the nature of your business, some of your contractors or suppliers may demand it.
• Find out more about the EIN number from the IRS.

To be successful at your business it requires research, research, research.