. Decide what type of project you would like to do: Necklaces, bracelets, headbands, lanyards, belts, etc. The type of wire or cord and the type of beads depend on what you would like to do. Are your projects going to be intricate and costly, or inexpensive and simple? Are you going to give these works of art away, sell them, or are they a self-project? Are your projects going to be just beads, or would you like to incorporate charms, pendants, bead holders, knots, ect.?

Craft stores are a very good place to find an assortment of beads. You might even be able to recycle old jewelry, or stage jewelry if you want to. Get beads that you like the most and that you feel will be easiest and most fun to work with; Also make sure you get enough for your purposes so that you don't run out of beads in the middle of a wonderful creation!!!

What would you like to string your beads on? Make sure that whatever you choose to string your beads or charms on can fit through the bead/charm holes:-String/Twine/Thread (doubled or single line)-Wire (thin or thick)-Hemp-Clear plastic line or fishing line-Ribbons (silk, fiber, synthetic, ect.)-Stretchy cord (good for bracelets!!!)-Other materials

When you finish each project, make sure you secure the ends so that the beads don't slip off. You could even tie it around a bead and secure the ends that way. A tiny spot of superglue on the knot does wonders. You could also incorporate clasps, lobster-claw clasps, etc.
Enjoy your beautiful jewelry works.

[edit] Tips
If you want the original look, get smaller beads. Seed beads were often used; look for sizes 6/0, 10/0 and 11/0. If using round beads, look for size 4mm.
Multiple long strings of beads are one of the authentic looks; another is the choker-collar necklace strung on elastic thread.
Real hippies would use beads made of any material but preferred natural substances such as wood, glass or clay.
Use bigger, thicker beads for a "Modern" look.
Make a pattern BEFORE you start beading if you want to do a specific design.
Or, if you like, improvise.
What mood or emotion would you like to incorporate in your love beads, if any?
A related idea was "energy beads", which had colors associated with your astrological sign.
Which projects you decide to do depend on how much time would you like to spend on your projects.
If you don't want to plan and just be spontaneous with your creativity, that's perfectly o.k. too!