Starting a New Online Business - What should I do / not do?

[young_ss]

Question: How should I best start an online venture which will have:
An authoritative site,
At least one backend product,
and a secondary income stream.

Background:
I have experience with web design and seo. I also own perry's book on adwords (the pay version).

Where I Have Questions / Concerns:
I don't have an existing email list so I'll be starting from scratch from that standpoint. (aweber?)
I would like to create my own product or use a service like nicherevolution.
I don't want to sell any sketchy products like how to illegally made copies of DVD or whatever.
I've worked with wordtracker but no matter what, my experience with trying to find good keywords hasn't been the best - it's hasn't even been that good. Is it worth buying a product like Keyword Elite?
I do have "startup cash" to purchase products, hosting, etc. but I don't want to blow my money on anything that isn't going to give me good results or would be too much hassle. What should I get and what should I avoid?

I know I'm asking a lot. I've built up one secondary income stream with a software product but it requires quite a bit of tech support (I'm working on cutting that way down.) and no, I don't have access to that email list. I'm ready to start another income stream and would like to go the information product route...my few google adsense sites just aren't cutting it.

[creativehustle]

ok here is my advice. I would start by stop buying any ebooks or keyword software the best way to learn is buy first hand experience.

all you need to get started is a domain name web hosting and knowledge of a particular subject, seen as you have experience in web design and seo i would pick one of these topics to get started.

To create a authoritative site your going to need lots of good up to date content. make sure that you build you email list with the site as this will be crucial when you develop your backend product, and yes i would use aweber for this.

you already have knowledge of seo so im sure you no how to promote your website and if your looking for some ways outside of the search engines well article marketing is probably the best for a authoritative website.

as for keywords well just keep on writing content related to keywords on wordtracker and eventually you will learn how to find good keywords on wordtracker.

after your site is getting a steady stream of visitors and you have acouple of hundred people on your email list you can develop you back end product, i would recommend you create the product yourself seen as you dont know how many other people are promoting nicherevolution products :)