The breeding world is just as cut throat as any other business. I made a ton of mistakes costing thousands and wasting valuable time, hopefully I can help some of the future breeders get a head start.
Step 1: Decisions
The first step would be to educate yourself on what breed you like and are interested in. After that, decide whats your goal, are you a breeder because you love and breed of dogs and want to protect the breed and make it better or are you trying to develop a hybrid. Understand that breeders do not typically make a lot of money, and the well being of you dogs is the most important thing. If you are not willing to sacrifice your time, money, and effort then this business is not for you.
Step 2: The Purchase
The best advice I can tell ANY BREEDER is find a mentor in your dogs niche or community to help you with your first dog, SAVE YOUR MONEY and buy the BEST FEMALE you can afford. Males are tempting but if you aren't deep in the game where you can use your male as a stud for other breeder, then males don't make money (all from my experience). Understand what a "good deal" really is. Anybody selling you something will tell you their product is going for a "good deal". I cant stress this enough DO YOUR RESEARCH!
Step 3: Puppy or Adult
Your going to have to make the decision of whether you want to take the long route with a solid foundation or the short route that could end up being the longer route if you're not careful. Puppies are tough and you don't know what you'll end up with, even if you see the parents and trust the pedigree, you could end up in hot water with puppy issues. Adult can be just as bad, you never know how the last person has treated their dog and what that dog has been through. I would suggest starting with a puppy that way you learn the process of growth as they learn.