1) Research competitor's websites (features, improvements, visitor feedback)
2) Create a detailed website plan (i always start on paper first)
3) Purchase reliable hosting and a strong keyword related domain
4) Create a wire-frame mock up using xhtml/css
5) Implement scripting where needed (javascript, php, etc.)
6) Add website content (unique is best)
7) Style with additional css and graphics
8) Test cross-browser compatability
9) Search Engine Optimization
10) Search Engine Marketing
*Once you see a fair amount of traffic*
11) Monetize (publish ads, sell ad space, etc.)