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Step 1
Define the kind of media that the hoax will be transmitted through, whether it's a television-video hoax, a radio hoax (such as Orson Welles' famous reading of "War of the Worlds") or a live action hoax that makes real life into a theater.
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Step 2
Figure out who your audience is or, in other words, who's going to be fooled by the practical joke that you're trying to mastermind. The audience should be well defined and should have very clear boundaries so you go far enough with your hoax but don't go too far (such as by fooling the police or other emergency services).
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Step 3
Bring other people into the hoax so that you can be more effective and more convincing as you plan and play your practical joke on your audience. Make sure that each member of your team knows their specific role and that everyone is completely "in on it" and doesn't spill the beans before you actually play the hoax.
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Step 4
Try to get an authority figure like a supervisor, parent or teacher (in terms of people) or a newspaper or magazine (in terms of publications) to help you play the hoax. If you don't think the authority figure will agree to help you mastermind the hoax then make them the first victim of your trickery since their imprimatur will give your hoax more credibility than you could hope for.
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Step 5
Make contingency plans for every permutation of every scenario that you can think of. The better prepared you are for the decisions and actions of your audience the better the practical joke will come off.
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Step 6
Know when and how to end the hoax so it doesn't go further than being funny and amusing. Build ending scenarios into your plan, especially in cases where the hoax can cause damage to property or injury to people.
