The basic principles apply to any business. You have to be clear on who are your target customers (market), what products/services you want to offer, pricing etc (dun forget the 4Ps of marketing).
For online business, engage/subcribe with a reliable webhost, buy a domain and get a web designing company you are happy with to design your webpage. That's important as it is the fronting/image for your business.
Then design the system such that the surfing and purchasing experience is easy, smooth (done within a few clicks) and caters to various modes of payment (credit cards, bank transfer, Paypal etc)
Lastly don't neglect to market your business offline. Lots of people ignore that, that's why they have very low and slow traffic. It's not a case of I-build-people-will-come-automatically kind of situation. 
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