Think about what you do when you go on the internet, do you go on the internet to buy things, perhaps you go on the internet to participate in forums or maybe (as most people do) you go on the internet to find information. Again do what you know. If you go on the internet for example to participate in forums maybe think about setting up your own forum which you can charge a fee for. If you go looking for information, what information do you look for, what information do other people look for. Have a think about what you are good at and what you have achieved over the years. If you can find a 'niche' then write an e-book about it and try to sell it on the internet.
Advertising is the key on the internet, you may have the best website in the world which has taken you months to develop and is your pride and joy but if no-one visits it what is the point in having it. There are lots of ways to advertise. Some are cheaper than others and some are even free. Marketing techniques can be from pay per click systems, ezine advertising, rss feeds, mail signatures etc etc. What is better 500 people who come o your website, poke around a bit and never come back or 5 who come to your site, like it, bookmark it and come back again and again and again. If you want you can also buy the traffic, however as your website is effectively selling something we want targeted traffic not general traffic. Dont forget as you have a website you can advertise offline to.
You can suceed on the internet without a website through various means, however you will get a far better response if you have one. There are loads of articles, tips and even templates on the intenet.
Do you know what the most important thing is in internet marketing? Well guess what it isnt sale (although they are your bread and butter) it is peoples email addresses. This is known in the trade as the money is in the list. If you have a website look at various ways to et your visitors email address, be this by offering free goods, newsletters etc. Once you have their email address which is called opt in by the way you can send them mails without spamming. Nobody likes to be spammed. If you do your reputation will go down. What you can do with these e-mail addresses is hige. You can build your customers trust, you can offer services, you can sell them things - the list goes on and on.
Trust and respect - remember that anyone that visits your website is a customer or a potential customer. You will need to gain their trust and respect them at all times. Treat them as you would like other people to treat you.
The biggest bit of advice I can give you on starting a home business is use your common sense - if it doesnt feel right drop it. Ensure that you research and constantly evolve as the internet evolves. The internet is here to stay so keep up to speed with what is happening.