You have decided that you want to seek a position teaching in higher education. It is time to take all your years of business or research experience and put it to good use.

Where do you begin?

MEET THE MINIMUM REQUIREMENTS
To teach at the university level, you are pretty much going to need at least a MA (master's) level of education in the field in which you wish to teach. This is true for the vast majority of accredited universities and junior colleges.
If you are seeking a full-time tenure-track position, you will likely need to either be on your way to a doctorate, or to have already earned one in the field in which you wish to teach.

FIND POTENTIAL EMPLOYERS
There are differing types of teaching positions in higher ed, with varying pay scales:
Community colleges ($$$)
University Extension programs ($$$)
For-profit universities ($)
Private non-profit universities ($$ or $$$)
Faith-based universities ($)
State schools ($$)
Research-oriented universities ($$$$)

Here are some links for jobs in higher ed:

The Chronicle of Higher Education Job Postings
Southern California Higher Education Recruitment Consortium
Higher Education Jobs
Academic Keys

I also found information when I was job seeking in the Orange County Business Journal's Book of Lists, which may be found at your local library's reference desk. They have listings of educational companies in a given area (in this case, OC, but you can find similiar listings in your community's business publications).

ENSURE ALIGNMENT WITH YOUR EXPERIENCE AND MISSION
Before you invest your time in the application process, be sure that your experience is sufficient to teach at that specific university. If the university has a large focus on research and you haven't published a single journal article, don't bother trying to show how your real-world experience is more than adequate to make up for your shortcomings. It is better to spend your time focusing on institutions in which your experience and publication record are in sync.

Additionally, many universities have a specific faith tradition around which their organizational mission is centered. Contrary to popular belief, universities can discriminate against individuals who do not have the same religious beliefs as the institution, as long as their mission clearly articulates the faith tenants of the school.

If the school in which you are applying has specified that they are seeking applicants from a specific faith tradition, it is best to look elsewhere for employment, as case law supports such discrimination that supports a school's mission.

There are a fair many schools that have a history with a given church denomination that do not require you to be of that religion or denomination, however, so it is best to do your research to be sure your time is being spent on those activities that are going to get you closer to your career in higher ed.

GO THROUGH THE APPLICATION PROCESS OR SEND AN UNSOLICITED COMMUNICATION
Depending again on the university, they may require that all applicants go through their formal application process, or you may be welcome to send unsolicited communications to the university.

Community colleges are wonderful employers, so therefore have the law of supply in their favor. Their applications processes are notoriously long and ardurous. Assuming you meet the qualifications, however, it is still a good idea to go through the work, as you often are able to use the same application process at multiple institutions that are in the same network. Additionally, if you save your responses (perhaps in a separate word processing document), then you will often be able to copy and paste your answers on to other online applications.

Most community colleges and universities tend to hire first from people who have served as adjunct faculty. That's why it is a good place to start to work as an adjunct professor (part time), if you are considering a career in higher education. This way, you have a taste of what these types of jobs are like and you are beginning the process of building the relationships and the credibility with people in hiring (or influential) positions.

My first adjunct position was at Vanguard University (where I now teach full time) and I obtained the position by sending an unsolicited communication to the chair of the business department. I had a standard cover letter and resume (CV) that outlined who I was, why I was qualified to teach, in addition to how I saw my own values and mission aligning with the university's. They called to tell me that my application was on file. I took that to mean they were politely saying no, but I did receive word many months later that they were looking for someone to teach a class and there began my great adventure of working at Vanguard. I have also taught at Cal State Fullerton, UCI, and Chapman and had unsolicited letters and emails help in those endeavors. From what I hear, community colleges tend to be more by-the-book and you're wastine your time to do anything but the formal application process. Of course, as soon as I say that, someone is bound to give some great advice in the comments section about how to get in to community college teaching positions without going through the formal process.

FOCUS YOUR EFFORTS ON THE PERSON DOING THE HIRING
Accompany your cover letter and resume (CV) with a list of the classes that the university teaches that you're specifically qualified to teach. List the class on the left (use their naming conventions) and list bullets on the right showing why you're a good person to teach that specific class.

Recognize that universities have their own timing and seasons and get your application to them in plenty of time before the next semester or term begins. Be thinking six months in advance of their schedule, as they will often want to publicize the people who will be teaching their classes and getting you incorporated into their marketing materials and internal communication mechanisms (such as email, etc.).

You have invested a lot in your education and your work experience. Congratulations on your next step in giving back to others who are looking to do the same.

Please add your suggestions in the comments section. I plan on continually editing this post to incorporate the current best practices in higher education positions job seeking.