Select the proper niche for you...
In order to real have success you need to enjoy what you are doing. So only consider doing business in a topic you like. Consider your past experiences, interests and hobbies. Then run them through this litmus test for niche selection.

Get a domain name and put up a website or a blog...
An effective website or blog is a must in order to make a go of an online business. A domain name at a mere ten bucks or so a year tells potential customers you're serious about business. As for the site itself, you can create it with an easy to use template based web design program. If you prefer a blog, simply use the web-based blogger.com or wordpress.com

Give something away and grow your opt-in list...
At your blog or website, you absolutely must give something away! It can be an ebook, an email training series, an audio recording or even some video training. The key is to make sure it is something of value and that in exchange for it, you get the recipients email address. Your list will be your bread and butter. Not only can you use it to form relationships with your potential clients, you will be able to announce your new products and services and affiliate products and services.

Sell something...
At your blog or website, talk about your niche, just like I'm doing right now. It doesn't matter how you share the info, via newsletter, blog posts, etc., just share it. And along with sharing your information you need to sell something. That's how websites make money. You can recommend related affiliate products/services for starters. Eventually, you'll want to come up with at least one product or service of your own, as that's the way to the highest profits.

Accept credit cards...
Once you have something of your own to sell, you MUST be able to securely accept credit card orders. You can do it with a merchant account of your own, or use a service like 2Checkout or Paypal. Or, if your product is digital, you can use a service like Clickbank.

Use proven, powerful sales copy...
Every business expert agrees on one thing... sales copy will make or break your business. The web is filled with superb websites containing outstanding products and services, that never make a profit. An effectively written sales letter or video could make the difference for many of those site but the owners simply do not realize that. If you are not versed in writing sales copy for the web, get a good online copywriting course or hire a professional, proven copywriter to do it for you.

Utilize all the free website traffic strategies at your disposal...
Obviously you'll need website traffic before you can start making any money. There are tons of ways to get traffic without paying much, if any money. Some of the best strategies I've used include free traffic networks, search engines, affiliates and article/content sharing. All these grass roots strategies can bring targeted traffic, often at no cost. You'll find 15 of them in this recent issue of BizWeb eGazette.

Set up an affiliate program...
Call it what you want -- an affiliate, associate or reseller program. Your site needs one! This allows other businesses to refer customers to your site and earn money. In turn, your marketing efforts are multiplied over and over. It's like hiring a giant sales force and paying them only when they make sales!