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One of the first steps is knowing your needs.
Do you need a managed dedicated host provider or can you manage the server yourself. If you need a managed solution then you wont need to know as much about the day to day operations but if you go unmanaged then be sure your well versed in the OS on your server and what some of the day 2 day managment tasks there are.
Know what your need are as far as software and capacity. Do you need specific software to be running. If so what OS does this software run on. If you need to have .NET support then clearly you dont want to be looking at linux solutions for example. Are you looking at dedicated server because your website is resourse intensive? Do you need alot of bandwidth or disk space? etc.
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