Chastill,
This is good information.
One thing I would add is to research the market to see if there is profit potential. Find out if people are searching for your product or service (can use Wordtracker). Check out your local bookstore and Amazon.com to see if there are books/magazines published on the topic. Are people buying ads in the magazines and on Google? People won't continue to pay for advertising if it isn't making them money.
Great list - thanks!