If you read through, you can see where other folks have been through this process- look over in the FFL topic.
In order to obtain a DEALER'S 01 Federal Firearms License, first you must intend to "engage in the business" of buying and selling (or repairing) guns for a livelihood.
You must also be in compliance with state and local laws that regulate that. One of the BIG hurdles for a home based FFL may be zoning. If your zoning does not permit a business to be run out of your house, you can stop right there. You will also need business license, etc.
You will also need to designate a physical premises, and designate hours of operation. By appointment only will generally not be acceptable. You will need secure storage for firearms (can be a door with a lock, and lockable cabinet, etc)
Read through the posting from folks that have already done this, and get back to us with any question.
And I am assuming you mean a dealer's license. If you mean a Collector's FFL, or something else, let us know that too.