The first thing I would recommend would be to read as much as you can. Once you think you have a good grasp of everything read everything over one more time. You have to have a great understanding of what good vs great niches are, good vs great keywords, and definetly need to know what the hell SEO is. I'm in this step right now as well. I am new and don't fully understand things but I know if I try and start making money on day 1 without learning the ropes there is a 1000% chance I will fail and get frustrated. Take the time to learn things, it will pay off in the long temr.