Find a profitable niche. Not just any niche. You need one that will line your pockets.
Pick keywords with laser-like precision. It's not enough to slap together a set of 1,500 loosely related junk keywords. That's how to go bankrupt. You need the cream of the crop, and that means you have to know how to find them.
Fire up your PPC Factory. This is really the "secret sauce". You need to be able to target the best converting keywords with killer ads based on the ones already raking in huge profits on Google.
Generate your landing page automatically. Online advertising is a science. If your landing page isn't up to snuff, Google will slap you senseless by knocking your ads down and charging you crazy money to make them recover.
Track your performance. Think of PPC as a series of guesses. You have to refine your approach as you learn more. Specifically, you have to know which keywords put the most money in your pocket so you can focus on them. But this tracking needs to be automatic, not manual, or you'll pull your hair out trying to do it when you need to.
Do it AGAIN. Once you've done it once, the key to creating jaw-dropping profits is to do it again... and again... and again.