So ya want to be a blacksmith? What are ya, a Dwarf?
First, save yourself a TON of money over the long term and get the mining skill. That way not only can you make a ton of cash by selling ore you'll also be able to provide raw materials for your own (and your guild's) blacksmithing without having to buy the stuff off the Auction House.
Second, learn to use the Auction House. All of the good Gold Guides have a ton of tips on how best to use the AH to make your character rich. If you're not already an AH expert then you should grab one.
Next, find the local mining trainer and buy the apprentice mining skill. Ask a guard if you don't already know in which corner the trainer is lurking. Then grab yourself a pick, head to the kills, er... hills, and start mining. Sell your stacks of ore (in stacks of 20) on the AH. Rinse and repeat.
As for what to mine, what you need to to get to what skill level, and what you need at each skill level, here's a full wow blacksmithing guide that'll take you all the way to skill rank 375 and give you an estimated list of materials required to get there.
Happy smithing!
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