I will take the infraction for the spam as I don't feel like typing out a huge explanation http://www.yfs1.com/starting-an-online-business-tutorial-series/
step 1 - go identify a product/service that can take advantage of the features/aspects that differentiate an online business from a brick/mortar business - e.g. global reach, cheap storefront, etc.
Dude, all of the info you need is already here. Check out the threads you've created here: Which Is The Best Way To Select Domain Name To Get More Traffic? What Are The Best Keywords? What Is Froogle? What Are The Best Affiliate Programs? How Do You Earn More Adsense Income? What Are The Best Directories? What Are The Best Free Directories? What Are The Best Adwords? Which Is The Best One To Buy Domain? Which Is The Best One For Search Engine Submission?
If your next thread will be.. What will the 101 ways to promote your website without costing $$? Then be sure to check this thread..
Think and find an idea. You can be a billionaire but without an idea you cannot invest. So go and gain some knowledge. Identify the competiton strengths and weakness and identify opportunities and threats in the marketplace. If you are really interested read management/marketing books
Why your thread nake is = with the content of the first post ? The best way to start Online Bussines is by learning without ruining yourself.