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You just sign up, maybe take a couple of tests, and you are on your way. I will guide you through the process ok? Do you have a paypal account?

Alright, I would love to try. Do I need to sign up for a private- or a business paypal account?

Start with personal. When you are done go to the following websites and sign up as a translator:
http://www.transperfect.com
https://www.strakertranslations.com
https://www.elanex.biz
https://www.translated.net/en/

from Transperfect.com:

"Regular Translation Rates (in USD):

Per Word
Per Hour
CAT Tools - 100% Matches
CAT Tools - 75%-99% Fuzzy Matches"

What is reasonable to ask do you think for someone who has no formal experience as a translator. Or does that even matter if I'm confident in my abilities?

Start with 0.05 USD per word, 20 USD per hour, 100% matches: 50%, an 75-99% matches 100%