
1. Do market research to determine what sells. There are many ways to do it. But start with clickbank (for digital product), and Amazon (for digital and physical products).
2. Once you find a market and a product to sell, do keyword research and get domain related to your niche. Keyword research will also help you finding a domain.
3. Get an unlimited domain web hosting plan for $10/month.
4. Set up a blog. Use a good Free theme.
5. Create useful contents for your blog.
6. Promote affiliate products in your blog.
7. Get inbound links to your blog using article marketing, forum posting, blog commenting, Squiddo, eHow, HubPages, etc.
8. Start using Twitter and Facebook to connect with people.