We've just launched a consumer oriented website. We started by identifying the key features that were necessary to get to monetization. Then the whole thing was mocked up in Powerpoint with EVERY hyperlink included. From there we developed functional specs for the site. At this point it went off to the developers and we continued to work on the details - which photos, what text to include in which emails etc. We put together an excel spread sheet for QA that allowed us to test and track the bugs. As things changed, we updated the specs so we would have good documentation about what has been modified. Documentation is important because down the road when this becomes a big company, it will be easier for new developers coming in to get up to speed. I'll confess though, that some of our documentation is emails.. which are stored with the requirement docs.