Develop a persona, one that will be both mysterious and interesting to passersby. Once you have your character in mind begin scoping out heavy traffic street areas where street performance is allowed. Find out if you need a license and get one.
Decide what type of tricks you want to perform. You might start with card tricks or other simple parlor tricks that you can learn from a magic book or dvd.
Maintain a journal of interesting tricks that you would like to do so you can keep your act fresh and exciting. Decide what kind of props you will need to perform your magic, including cards, a table, hats, mirrors and handcuffs.
Watch some of the more famous street magicians such as David Blaine or Criss Angel for a few tips. Take notice of the aura of mischief and mysteriousness that these two well known performers give off.
Ask bystanders to participate in your trick. Speak loudly so that other onlookers will come to watch you perform your trick.
Evolve your act continuously. Learn new and exciting ways of integrating tricks in a high pressure arena. Remember that the fewer props you have, the more impressive your work will be.