Music
Yeah... you need music I suppose. But I think the main thing is to not rush into getting it on CD (aside from demos) to early on. If you say thats it and its a finished song too early you can stunt your own creativity. If you just work on demos and rehearsals and build up the songs over time that seems to be the best way (and the Opeth way) especially early on.
We all dream of making an album, but it should take more than a month (for an incredibly speedy person) to write and record an album!
Lyrics
Depending on how you work, you might write the music first or the lyrics. Whatever, the same goes for them, don't be too tied down to them, like any writing there should be drafts of it, unless you aren't very into it and just throw any words to it, which can work. If you have a clear idea go with it I suppose, but also look at peoples reactions at gigs and see if they are paying any attention to what you are saying, and if not perhaps its time for a second draft! (Same goes for the music to an extent)
Vocals
I think thats an important thing too, as clean vocals have to be the most annoying thing to record in the world ever! Growls are easier to record but can also sound really bad and cheesy, and emulating another bands "growl" just plain sucks. If you happen to sound like another vocalist by chance thats great, but growls with no personality suck more than almost anything!
Producer, Engineer & Mixer
Obviously it would be nice if you or a friend or bandmate has a job in this department, or a relative even I suppose. Its all about who you know and what resources you have. Or just throw a load of cash at the nearest studio to you and hope for the best!
Label & Distributor
Playing live as much as possible will eventually attract them as label people tend to hang out at gigs, but obviously this is one of the last things you should be worrying about as no one from labels are going to be at your local gig spot (especially if you don't live in a big city or whatever) And I suppose when you get signed to a label its up to them to distribute, though a lot of places nowadays seem to do distributing for unsigned bands. Dunno the details but there is always places like Rock Detector where you can sell your own material if you are an unsigned smalltime band.
Though if you go to a place that will distribute for you like RD don't expect to sell any CDs, YOU still need to advertise it, unless you have management, in which case they should be getting you a label and "proper" distribution anyway!
Also the best way to get your music out there is MP3!! Forget what idiots like the guy out of DevilDriver say, MP3 is only doing good for music! It may be killing labels and major bands, but good. They've been standing on the little guys for too long, and MP3's are at most peoples grasp nowadays, both bands and fans have access so why not share them online? People are much more likely to listen to you than buy your stuff, and if you aren't in it for the money then who cares if people are getting your stuff for free? At least they are listening to your labour of love, and if you are good enough you just made yourself a fan!
Managment, Agent & Booking
Well, best to forget those to start with and just know people in the scene who can do those things for you (booking and such) and you should manage yourself to a degree.
Dunno if thats the kind of thing you wanted? But thats pretty much how we see it from experience and logic so far! The best rule is just to make music and worry about all that other stuff later on! If people see you are creative and you keep at it you will get onto the ladder, even if you stay at the bottom rung.