Transmute spec if you have multiple alchemists and want to just quickly sell a transmute cooldown or convert gems easily. If you have a JC, even better so you can sell your own gems. This is not a ton of money, but it is very, very little time investment.

If you want to watch the AH and really play "Alchemist for Profit", then I personally recommend going Elixir Mastery and setting up shop selling flasks for raiders.

Depending on your local server economy, this can be quite profitable. You don't necessarily need to camp the AH continuously either (although if you do, you can take advantage of the economy to the fullest).

I have started playing the AH game recently on my server and decided to focus on supplying flasks. Here's a few tidbits that I will pass along.

AddOns are essential, or you will quickly get overwhelmed. I keep it minimalist and use only the following: Auctioneer & QuickAuction. I use QuickAuction only for its ability to cancel auctions and its auto-mailbox-emptying functionality.

Utilize Auctioneer for a few days or so to understand your server's economy. Make sure you understand what the important raw material costs are likely to be (e.g. esp Frost Lotus, Lichbloom, Icethorn).

Focus on supplying high-volume movers. I make only Flask of Endless Rage, Frost Wyrm, and the occasional Stoneblood.

Know your costs and have a feel for what you need to be profitable (include AH fees and procs in there as well, search the web for a spreadsheet if you can't quickly make one yourself). If you aren't careful, you can start crafting/selling for a loss, depending on how tight your server economy is.

Flask business is about volume most of the time. Therefore you will need a supply of herbs (esp. Frost Lotus) that will outstrip what you can probably buy on the AH. If you see people selling goods, reach out to them and try to set up COD arrangements. This gives you a good supply and more importantly, keeps your flask-making competition from getting them. Any large seller of flasks that you compete with will probably have 2-10 people that they are buying herbs from totally separate from the AH.

Understand the raid times and selling times of the raiders and herb farmers on your server. This is helpful to maximize profits.

If you're going to "camp the AH", do it only in periods of peak buying. Don't be afraid to jack up your prices and re-list if you get into a situation where you are the sole supplier at a time (right before raids) where people need flasks.