Research the competition's online stores

It's important to study your competition. Find out what other online stores are selling, therefore, as well as how much they're selling and to whom.

I recommend: Searching for products on shopping-centric search engines like Shopzilla and Shop.com will help you identify competing online stores in your market.

Register your online store's domain name

Every website starts with a good name and web address; online stores are no different.

I recommend: Register your online store's domain name via sites such as GoDaddy, Network Solutions and Register.com.

Find a web host that specializes in online stores

It's important to host online stores with reliable companies who have other clients that operate Internet stores.

I recommend: While there are dozens of reliable web hosts from which to choose, companies like Volusion, Apollo Hosting and Aplus.Net offer integrated e-commerce solutions for online stores, along with standard hosting services.

Hire a web designer who's built an online store

While you could design your own website, it's best to recruit a professional web designer who understands the aesthetics and functionality that make online stores successful.

I recommend: Search sites like Elance and Guru.com for web designers. While you're there, search for copywriters who write product descriptions for online stores; they can help you write persuasive sales copy with which to move your merchandise.

Consider pre-built online stores

Of course, you don't have to hire a designer and build your website from scratch. There are scores of prefabricated online stores available that offer complete and yet customizable templates for Internet stores' sites.

I recommend: Yahoo! Stores and eBay Stores are excellent options for building template-driven Internet stores.

Choose shopping cart software

Critical to e-commerce, shopping cart software is what turns static websites into interactive online stores. Look for solutions that are easy to install and maintain on your end, and easy to use on the consumer's end.

I recommend: Americart, NetSuite, MonsterCommerce and AmeriCommerce are popular examples of shopping cart software vendors; their products come with loads of features to help their customers build, manage and grow their online stores.

Open a merchant account that's designed for online stores

Online stores must have merchant accounts in order to accept credit card payments from their customers. Look for accounts that were created especially for online stores.

I recommend: The gold standard in payment solutions for online stores is PayPal, which offers a wealth of options for online stores. Meanwhile, in lieu of a merchant account, consider Google Checkout, which allows customers to easily shop their favorite online stores with just one login; plus, credit and debit card transactions are free.

Ensure your online store's security

While all online business opportunities come with risks, online stores must be especially mindful of those that might compromise their customers' privacy or security. Look for solutions that will fight both viruses and identity theft.

I recommend: Secure Socket Layer (SSL) technology, which encrypts, authenticates and protects consumer data, is the standard in security for online stores. VeriSign and Comodo offer trusted SSL certificates.

Keep your online store's fulfillment promises

Online stores don't just accept orders; they must also fulfill them. Before you open your virtual shop, therefore, be sure you have reliable, comprehensive shipping solutions in place.

I recommend: Work with UPS or FedEx to develop shipping solutions; they offer several small business products and services that are ideal for online stores.