Depending upon your budget I would think about bids from the beginning. If you use Google’s keyword tool it provides you with an estimated CPC for each keyword. If you have a small budget it might be best to focus on longer tail, lower cost keywords or bid on phrase and exact instead of broad match.

Don’t let your budget limit your keyword research too much though. You won’t know the actual amount you’ll have to bid to place in a certain position until the keywords are in your account. Having a well structured account will improve quality score which could lead to a much lower CPC for keywords than Google estimates.

Thanks for reading!

@ Emil: Thanks! Yep, we definitely covered reviewing the competition. A very important.