The most common mistake I see people make as they plan, start, and grow their Internet marketing businesses is to focus more on the marketing than the business. That is, they invest all of their energies following someone's "system" before determining if their business is viable (or that the system works for anyone other than the provider).

Also, no matter what type of business you have, you will need to ensure that your costs to acquire and support a customer are significantly less than the expenses.

Suppose you need to reach out to 1,000 strangers (aka prospects) in order for 10 to become acquaintances (aka opportunities) and one to become a friend (aka buyer). Then suppose selling one of your items (product or service) provides a gross profit (selling price minus item cost) of $100 total. This means you will need to spend 10 cents or less to reach each stranger just to appear to break even. In reality, you'll loose money on every sale because of other business expenses in this example.

You need to get your business formula (model) figured out before you begin to pour money into your marketing to ensure your business can succeed.
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In my experience, small business owners can benefit from understanding that tools should not be allowed to define outcomes. Some do not fully appreciate this, perhaps because they spend so much time running their businesses.

I recommend small businesses determine a "why" (strategy) before they consider any "hows" (tactics). Only then should they review available resources (tools) and choose those that will best ensure their desired outcome. Many owners reverse this process and the success of their businesses is compromised as a result.
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I suggest you take your idea and imagine you are starting a new business instead, then prepare the materials you would need to get funding from a venture capitalist or other investor. The result should be that you develop a clear way to communicate your idea and a way to express its value. Once you have achieved this, paths and options will begin to appear for moving forward and making it real.
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Websites can be useful to many small businesses, particularly those with a a tech-savvy audience, but a website isn't always needed. Websites intended to work as Internet advertisements may not be useful. Others that serve as distribution centers, business offices, or retail stores could mean the difference between business success or failure. You need to decide what your website needs to do for your business before you can determine if you need one.  
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Many small business owners may be surprised to learn that a website can cost as much to setup and operate as its equivalent physical alternative. For example, while a website store may not require leases, fixtures or displays it does requires substantial setup and maintenance. Retail stores can be managed and staffed by generalists, but website requires the work of more expensive specialists. I recommend you plan and budget similarly for physical and virtual locations to avoid compromises that can leave you with an ineffective website.
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Studies by the Small Business Administration (SBA) show that about two-thirds of new small businesses with employees are still operating after two years and half survive their first five years. More than half a million businesses are started each year, but a similar number are closed. Generally, less than fifty thousand bankruptcies occur each year.
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This is a rather popular question and it's tough to provide a precise answer, but here's a summary of the some answers I have shared with others:

> If likelihood of success is a major component of best, then try a business where you have much to offer (expertise, contacts, resources, etc.) and can be very helpful to a community of people (audience).

> You should decide whether you prefer to match your offer (product, service, information, etc.) to an audience (men over 45, stay at home moms, etc.) or will choose to match an audience to your offer.

> The most common business mistake I see is thinking that everyone is a potential customer. Watch out for this.

> If you really want your business to operate exclusively online, or mostly online, you'll need to select a business model that makes this feasible. For example, business customers will rarely tolerate faceless relationships.

You can create some great ideas by making a short lists of the work you enjoy most, the communities you care about, and the ways you help others. Then, imagine the outcome of connecting one item from each list to create a business. Often, the best ideas for a business include those where you can help others better than most
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In my opinion the practical benefits of obtaining a patent are misunderstood. For example, when a patent holder believes their rights are being infringed a common response is to attempt to negotiate a licensing agreement. When an agreement cannot be reached, the patent holder could decide to file a civil suit. While the potential costs of protecting a patent may be so high that the patent holder will ignore potential infringements, it is prudent to attempt to obtain patents that are likely to have a much higher value than their cost. 

Disclaimer: This material is for informational purposes only. You should contact your attorney to obtain legal advice.
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I think business plans are useful and most investors will want to understand your business before investing. It may help to imagine that your business belongs to a stranger and then decide what you would need to know before investing in their business. In any event, the investor gets to decide if they are comfortable with the results.

If you plan to use your own money only, you're the sole investor and you should devote enough time into planning to forecast the probable near future of your business. When you are using the money of others, or plan to soon, you should ask potential investors what they will need to know before they consider investing their money with you.
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