Purchase film-making equipment. High definition digital video cameras are much cheaper than large-film cameras and the result can look just as good.
Purchase a quality computer. You can edit an entire movie on a good computer with the right software.
Purchase film-making software. You will need a program to write your screenplays in, another program to budget and schedule the film on and a program to edit the film with.
Write, direct and produce a small-budget film.
Market your film. The only way for the film to make money is for people to see it. Enter the film in film festivals and try to negotiate individual deals with theater owners. College towns are a good place to approach individual exhibitors.
Self-distribute the film. After you have made a completed film negotiate a deal to sell the rights to a distributor.
Write, direct and shoot another film. The only way to make a living at micro-budget movie making is to keep making micro-budget movies.