Do some market research and create a market analysis so you have some idea of what you're up against, level of entry into market, and how companies are seperating themselves from others. Those are only 3 topics mentioned, but it's basically learning more about these things so you approach this knowing a good amount.
I would work on something like that, a business plan, etc. WHT cannot decide for you what you will do or won't do, there are a million ways to approach this and so you need to decide what will work best for you.
Ankit Gupta - Cernax Hosting
"We're always second in the industry, the customer comes first."
You found these forums which is a great start....as PixelManual said there is a lot of info here, you could probably spend a few solid days just reading about the pros and cons and the ups and downs of the hosting biz.
If you have any particular quesitons do a search as there is a ton of material and if you still can't find anything....then ask a question...there are a lot of helpful people around here.
In my views the best way to start and understand hosting business is to read almost all the forums as much as you can before even thinking about writing a business pan. I bet this place has all the answers of all the questions that you would ever want to know.
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If your in the USA, look at the SBA (http://www.sba.gov/) and especially SCORE (http://www.score.org/). Again, if your in the USA, you can find a local SCORE chapter and you can get free business counseling as often as you want. Good place.
Jim - 2Macs H-Sphere Web Hosting
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You should have the knowlegde of the hosting market, so that you can atleast get a feel who is offering what at what rate. Very imp to know this as there are many webhosting companies which is offering good schemes.
Also you should have the knowledge of the server and also the network that you are going to use. Meaning should have a technical background. If you have that then you can convience your clients very easily.
You should know how to get the maximum hits for your site so that you can convert those members visiting your site to clients.
I always find it helpful to write out what I'm planning and run the numbers a lot and in different situations once I have a firm grasp of everything, once you focus on what type of sites you want to host, your prices, etc, you can kinda run down what else you want to do.
Of course, sometimes its great to just jump in for a month and just buy hosting and not sell it but run your own site, setup all the software to see how your customers will use it, try to setup everything and your web page, and see if you like it and you will learn a lot more through exp then just reading.