Grinding these elements at low levels can easily put 30 or 40 WOW GOLD in your bag fast.
One of the initial elements you should do is not purchase anything from the vendors. Collect as much as you can while you're out killing stuff, and sell it all for the vendors, except the elements you could equip. Your gear at low levels will create a huge difference in you abilities. So upgrade to better stats. But once you strike around level 5 or six you'll find yourself moving into a brand new region where the beasts drop a small bit better items.
Lets start off idea numbe one with what to collect. Every faction and starting place is a small bit different. But in all areas you'll find some sort of large flying creature. It could possibly be considered a giant big, a giant dragon hawkling, an owl looking thing, or some other sort of large flying animal. When you kill them they'll drop an egg you could very easily sell for 1 gold each. For new players this is a complete gold mine. Grinding these elements at low levels can easily put 30 or 40 WOW GOLD in your bag fast.
The next thing you'll want to do is build up a second account with a character that will only sit at the mailbox next to an auction house. When you get green colored items, or materials such as the eggs that take place to be getting up valuable space in your bags, send them to this auction home alt to conserve yourself lots of your time and bag space. Also retain an eye out for runecloth and netherweave bags. They're the best deal to get at low levels, it's worth it to get netherweaves as quickly as possible.