Take what you know feels comfortable from other rifles, as well as aesthetic features you like from pictures, and combine them into a design that you think will work for you. With my first stock, I found it very helpful to build a quick "test" stock out of softwood first. Don't spend too much time on it - just cut the basic shape with a bandsaw and quickly round the grip, forestock, and cheek rest, with a rasp. Now you can check to see if the shape and dimensions look and feel right before potentially ruining hours of work, and you can add wood to this one if you have to re-work areas. Inletting is optional, but if you're unsure of how to do it, you'll now have a platform to practice on.
When you get to the good wood, start by cutting the basic shape, but leave a little extra length on the butt (just incase). Depending on the design, you may also want to leave extra material to clamp on to for the inletting, which should be done before any shaping starts. Rasps and chisels work best for shaping. Make sure your chisels are sharp, and remember to leave enough material to sand out all the "scratch" marks from the rasp, as they can be much deeper than you think. Expect to dedicate a lot of time to sanding, because if you don't you'll regret it later.
The main thing is to not rush it, and to think things through before making cuts on the wood. The closer you get to it looking like a rifle stock, the quicker you'll want to finish it - just take your time and you'll be happy with the results.