1. Choose Your Products
Find the needs or demands, not the products. Go to wordtracker (commercial) or overture(free), and look for well-searched keywords (searched a lot of times). Then, find a product related to those well-searched keywords. Being searched a lot of times means a lot of people are looking. If you find a product which a lot of people are looking for, you can sell it a lot.
2. Buy a Domain Name
You need your own domain name, not like Your ISP.com/~UserName. You can get one less than $10/year. Though, don't buy any keyword-rich domain name. It won't give you a boost in search engine rankings. (At least, it isn't a significant factor.) Your domain name will be your own brand name, like aol.com or amazon.com. You don't want a keyword-rich domain for your brand name, do you?
3. Make Your Site
You have only 8 seconds or less to grab visitors' attention. If you fail, they are gone. Moreover, if you confuse visitors, they are gone. You need to make a website that people want to brows.
4. Get Hosted
Forget about free hosting services; find a reliable hosting service. For conventional businesses, time is money. For internet businesses, uptime is money.
5. Publish Your Own Newsletter
Using your own opt in list is the most effective way of marketing. Don't forget to ask visitors to subscribe to your newsletter.
6. Sell It Right
No matter how many visitors you receive, you cannot make money if no one buys your product. To sell your product, you have to do it right.
7. Get Traffic
You might already know that if your site is ranked high at any search engines, you will get a lot of visitors. But, that isn't the only way to get visitors. There are other things you can do to generate traffic.
8. Test & Revise
Successful online business depends on consistent analyst and test. So, always analyze the results and find flaws. As you correct those flaws, you will make more money.
Waste your money and you're only out of money, but waste your time and you've lost a part of your life. ~Michael Leboeuf