Where and how to start??

So how do I start this? Where do I start?

I have taken out most of the decorations from the room to give me a semi-blank slate. And other than the basic design principles, what else needs to be done or thought of to make this room shine?

Here are some ideas:

Color theme - 4 colors = main wall color, trim, furniture upholstery color, and my color pop

Things we like/ our interests

Functionality of the room

What should be the main focus of the room

Style definition

What would give us the WOW factor that we are after

I have a folder with lots of pictures and ideas, sketches and notes in it, as my design inspiration reference. With the above points I'm now going to sit down and have a think-tank with the husband and try to come up with a plan for the room. I really want a room that not only functions but gives you that great feeling like this is the room you have always dreamed of - big goal, I know, but anything is possible!

Oh, and this is all to be done on tight, tight budget, and 99% of the work will be done by me :)