1. Market research. It may be surprising, but many entrepreneurs start a business without ever really understanding the market they plan on serving. It's critical to know the potential size of your market and, in turn, what sort of response your service or product will attract:

2. Pricing. An ancillary element to market research is doing adequate homework on what you're going to charge customers. Naturally, it's important to gain a feel for going rates to remain competitive. In that regard, pricing competitors' services and data from trade and professional associations are exceedingly helpful. But, says Meyer, pay attention to every element that contributes to your eventual prices or fees. "Price really is more of a marketing tool than it is a vehicle for cost recovery," he says. "People will pay more for a high value product or solution, so be sure to research your total value."

3. Location. Yes, the old "location, location, location" mantra has its merits. This is particularly critical for retail operations. Ask any prospective landlord if they have a foot traffic analysis on hand. Again, first-hand observation is always a good option; check out walk-in traffic, parking spaces and other nearby businesses that may help or hinder your customer flow. And, don't thoroughly dismiss the issue of location if you're not selling jewelry or clothes. A conveniently located office at a prestigious address can be a boon to a start-up consulting firm. Then, review buying data and trends for people who live in that area.

4. Research your costs. Knowing how much is going out the door in expenses is essential in estimating how much you'll need to bring in to stay in business. Research prospective costs thoroughly, including everything from salaries to rent and, for at least the first year or two, break down those costs in three-month increments. And, adds Gumpert, it actually helps to be a bit macabre when forecasting expenses: "Things are probably going to cost more than you expect, just like it's probably going to take longer to land your first client than you anticipate."

5. What's enough? Although sufficient research is vital to the growth and success of any business, there is a point where enough can become too much. Don't become so mired in research that an excess of information makes decision-making a Sisyphus-like burden. Watch to see how your research is borne out in reality. If, for instance, you're hitting your income goals or matching what you expected in walk-in traffic, your research is on the mark. And, adds Meyer, keep an eye peeled for repetition: "If you're asking questions and you keep getting the same answers over and over, you know you're in the right place."