An Online Business?

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In this day and age having a day job is not enough. The need to earn extra is essential to survive in any part of the globe. If it does not work for you, then maybe the sense of fullfilment of having to earn your own money is really something. Having said that, me and my friend wishes to start a small online business. We do not have any of the particular details yet, but we know that we are going to sell something. But selling what is something we are not yet particular about. We really do not have the slightest idea of what sells like pancakes via the net. Can you tell us what are the things we should consider in putting up an online business? Share your experiences. Maybe you could help us make the most of our potentials... We are very eager to learn. Thanks a lot!!!!