My basic process when tackling new projects:
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What kind of project is it? Flyer, banner, brochure, etc...
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Look for inspiration. Do a Google search for the kind of item being created. Essentially looking for some sort of template.
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What would be the most appropriate tool for creating this item? Word, PowerPoint, and Publisher are the ones I use most. Projects often require a combination of tools.
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How will my information fit into the template? Try to block things out as much as possible.
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Look for images: backgrounds, illustrations, etc...
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Colors. Easier said than done.