There is a number of important components you need to have set up when starting an online business. Here is my ultimate checklist:
1. Your own specialized niche
It's just like a name - everybody needs one. Identify it today in case you have not already.
2. Domain
Your unique address on the web.
3. Internet hosting
The servers on which your website will be sitting. You'll need around $10 per month for web hosting probably.