1. First of all, decide what kind of site you would like to develop. If it's your first website, it might be worthwhile to read up some of the specifics as there are quite a few variables that should be considered. A content site is likely the easiest, with some affiliate marketing and ads. An online store might be more your speed however, and could easily be started up using eBay.
2. Next up it's time to actually build the website with all the bells and whistles. For this, for those who don't have any experience with the intricacies of web programing and design, it's time to either pick out a nice template online or to hire some outside help. Many templates are included with web-hosting, which I'll get around to next.
3. Pick your web host. There are tons of these online, just pick out an affordable one with plenty of storage and bandwidth, and if you need more later just expand it a bit. Most of these will include plenty of tools and features you can use to design your site. Especially check and see if they have any unique looking templates as these can speed up the development time considerably.
4. Select a domain name for your site with your subject matter in mind, unless of course you would like a domain name that would be highly brand-able, which would be perfectly acceptable as well. Domain names are crucial for traffic from search engines which is certainly no laughing matter for web-masters, so choose wisely.
5. Add content to the site, whether articles or merchandise, and continue to add content until you rank well in the search engines, then... well, keep adding content. On the web, content is king.
6. If you'd like to make money with it, after you have the necessary traffic, simply advertise ad-space or add in Google AdSense. If you'd like to make even more, start promoting affiliate products you've had good experience with.