Many years ago I wrote an article about over-night genius types that had been involved with magic for less than 2 years and thought they were educated enough to develop "new" magic. While a few exceptions exist 99% of these people fail horribly and become laughing stocks. . . I'm certain that's not the course you wish to take, so let's break things down (and TeeDee gave you a reasonable outline on that front).
The bulk of my personal innovations have been joint projects and collaborations with other noted designers, I was even involved with the insanity around the TWISTER Illusion now credited to Bill Smith (since he built the first one -- there was about 6 of us that actually brainstormed the idea either together or separately). . . nonetheless, when it comes to the typical magician the bulk of what they offer as "new" is a twist on an old Card Trick. . . DON'T DO THAT if you actually want to stand out from the crowd; take the time to develop something more novel and viable to the market.
Yes, I have a bias towards cards because Maigicians seem to worship them and get blinded to the fact that there's a hell of a lot more to magic than pasteboard tricks. I'm not saying that I hate card magic, I actually love GOOD card magic but it's more rare than great sex.
So, find that niche that you can relate to and that "fits you"
Give yourself a year to learn and perfect all you can that's associated with that niche, keeping notes all the way, when it comes to epiphanies and other brain farts that WILL happen.
At the end of that year review your notes and start looking at what might be practical to work on and evolve (trust me, you'll laugh at yourself for thinking certain of these things as viable, but that's part of learning).
Select a dozen or so pieces and submit them to the various magazines; Genii, Magic, MUM, TOPs, Linking Ring, etc. and get the series published.
In the meantime, start working on your stronger material and using it in your shows; let other magicians see you doing it and DO NOT SHARE IT YET. . . let them chomp at the bit for at least 6 months if not longer and then slowly let out the secret to a select few so the effect starts getting some play and you can get more feedback about improvements, presentations, audience reaction.
NOW YOU'RE READY. .. I encourage my students to take such a collection of effects and write a book first and foremost; a book with at least a dozen or more effects + essays (theory discussions). DO NOT sell it as an eBook if you want to actually make money and not get ripped off via eBook pirates. . . the majority of noted contributors to Mentalism right now, are all shifting towards soft & hard backed books to help protect their materials.
Even before that book officially hit the press, get started on your second book or a video
Continue to share ideas via sources like the Wire and major publications, including e-Publications like VANISH, Mystic Menagerie, etc.
REMEMBER: you win over the market based on how much your name is seen but more importantly, how much it is seen with solid routines. This also allows you to charge that little bit more as things move forward.
Another article I penned for On-Line VISIONS many years back, was about being an e-Leberty. . . a kind of forum Celebrity that gets an ego and thinks themselves a pentacle within the Universe. The Internet has created many such individuals and thankfully, most of them tend to be far more down to earth than not. My point is, you need to become known in more than one forum; I'm an e-Leberty because I'm known on mulitple forums as well as several publications. This adds value to you and what you market as well, so take the year or two (starting now) to build on that image by contributing to several different forums (just be careful as to what you share on the Cafe, you will get ripped off).
Best of luck!