Pick your LED based upon the light output you need. The LED specifications give the light output, electrical requirements, and thermal and mechanical interface. If you want your light to be really bright, you might need more than one LED.
Select some secondary optics: whatever reflectors, lenses, or diffusers you need. You might get by with no secondary optics at all, but you might want to shape the light for your application. That can get pretty complex. LED fixture manufacturers have access to fancy nonlinear ray-trace programs so they direct the light as efficiently as possible.
Acquire a heat sink. LEDs are like computer chips --- the heat that's in them needs to get out. If the temperature gets too high, all bets are off; light output will decrease and lifetime will be short.
Select or design drive electronics that will convert the AC line power to the current-controlled DC power you need for the LED. If you need your light to be dimmable, you'll need to take extra care. Most off-the-shelf drive electronics won't dim LEDs without some specialized controls.
Put the whole package together. You'll need good thermal contact, proper positioning with respect to the optics, and an eye-pleasing design. The industry has access to a lot of resources that you don't, but it lacks your personal design sensibility, so enjoy making the project your own.