Well... It is possible, but it takes some hard work. It took me three months before I got my first job offer. So I'd like to highlight a couple of things/requirements I think are important when it comes to working from home.
1. It takes time: it's not like "oh, now I'll work online and make a lot of money". Not really. It takes time and a lot of online applications until you get a positive response from a company. So persistance is very important.
2. You have to have a previous professional background: no one wants to hire someone that wants just money. Most of the companies are searching for two things: experience and passion. And both of them are related: you will have experience if you do what you're passionate about. So I see the work from home job as a next step in the career: once you reached a minimum experience level, you can assure the companies and clients that your work is reliable.
3. You have to be ready to start from the bottom: don't think the biggest companies in the world will come to you and offer the best jobs right away. You might have to start doing some simple (yet very important) jobs to prove that you can handle working from home.
4. Discipline. I'll give you my personal example: I work at least 12 hours every day. And still sometimes I feel there was not enough time to do everything. So discipline is very important when it come to handle all the tasks.
5. Be on the right place: you can find a bunch of online platforms for freelancers. www.odesk.com is one of my favorites. You can create an online profile and apply to up to 20 opportunities.
6. Don't expect a huge amount of money in the beginning. I don't understand why people don't understand that most of us won't make a lot of money quickly. Maybe because internet and other medias show just the outstanding cases of exceptions that made money quickly. But you have to be ready to work a lot before earning a lot. Working from home and online requires much more experience in order to get higher salaries. So start taking jobs to get experience, and in the future you will be able to get jobs to get money.
Well... There are, of course, many other tips I'd like to give, but you can start with these ones. Create a profile online, work hard, get experience and you will be able to make good money online.