Find out if you're truly musically talented. This shouldn't be very hard. Most gifted artists don't need to ask around to find out that they're gifted. If you play music, or sing on a regular basis, and no one other than your parents has ever voluntarily told you that they loved your stuff, then you probably don't have the talent to shepherd an album from concept to completion. Better to realize it now than to waste years of your life on something that you were clearly never meant to do.
Study the musical puzzle. Just about everyone loves music and there are quite a few people out there that have the skills to sing or play music, but understanding how all the components of a song fit together to form the music that we all listen to takes a different set of skills. You have to learn to listen to each piece of a song separately. You have understand the anatomy of music. You have to discover the different ways that musical tones meld to create new sounds. The only way to do this is to completely immerse yourself in the music that you love. Break each song down, piece by piece, till you can see the whole puzzle.
Find a place to record music. This could be either some $10,000 a day recording studio or your very own bedroom. If you can afford it, it's best to go the professional recording studio route. The quality will be noticeably different, but your wallet will be substantially lighter. It's not out of the question for producers to record in their own homes on their personal computers. All it takes is a little soundproofing, a few microphones, and Pro Tools. Get these things and you're set. The musical quality may not be amazing, but it will be good enough for the average ear. Make sure that you buy the nicest microphones that you can afford. This and a little strategic soundproofing of the room you're recording in will make a big difference.
Find some collaborators. Now that you have access to a recording studio, and the skills to use it, it's time to flick on the "open for business" sign. If you're a serious musician, chances are that you already have several friends that would love to work with you in the studio, whether they have bands or are solo artists. All it takes is one good demo, one awesome recording, to get your name out there. Once this is done, every wannabe rock star within a one-hour radius is going to be calling you up. It would be wise to carefully select each artist you work with. You want to record with people who either share your vision as an artist or provide an opportunity for you to grow as a producer. If you don't see eye to eye artistically and they aren't challenging to you or helping you to evolve as an artist, you're wasting your time. Worse, there will be a record circulating that does not reflect well on you as a producer.