The most important thing is to just start. Anywhere. With big projects I probably appear to be chaotic, when in reality its not the case. Sometimes you work on the high risk items and sometimes you pick the low hanging fruit (the easy ones). I often burn the candle at both ends, work forward from the beginning and backward from the end and meet in the middle. Follow a path/problem until you hit a brick wall. Take another path and save the prior for later. All the while keeping all the problems past, present, and future in the back of your mind, simmering.
Where CAN you start, is there an area in the problem that you already know enough about to get going? Start there, if you have not already let the problem simmer long enough, slept on it enough nights, etc, having something not so terribly difficult will allow your mind to also solve the big picture. How many lego blocks am I going to break this problem into, what are the boundaries, how rigid are those boundaries? Do I take the input and cook into another file format and then go from there, or cook it into some internal data structures? If I write my own parser and change my mind can I glue in a publicly used one or does failing at the parser mean the whole project fails as originally planned? Perhaps start there.
As a hobby what do you want to get out of this? Make a better mouse trap to show off to the world (open source)? Get rich quick? Learn about something you always wanted to learn? Or just have something fun to do to kill time and maybe get some credit down the road for it, maybe not?
For your work is a little different. Are you planning on being at this place for a long time? Do you care to make a big impression for yourself, team, department? Do you tend to get stuck with your work cradle to grave or are you the pioneer that cuts new trails but never has to pave them? If you and your boss and the team just wants this cranked out, grab an open source solution (understanding the baggage that goes with it) for the parts you can and just add your secret sauce. If you are married to the bosses daughter and there is no way you are leaving this place and this is going to be the flagship product, perhaps you want to own every bit of it, re-invent that wheel.
If you have a passion to do or at least try this project then start anywhere, anywhere you can, anywhere that you think you can make progress on and that will keep you interested in the project. Even if this first cut is all throw away code, get started. You should then quickly start to sort out the lego blocks of the project, what shapes and colors and how they fit together. Isolate the low hanging fruit from the risk items. Alternate between the two, when you fail at a risk item, pick the low hanging fruit for a while to both make forward progress and to let your mind rest. Then after a rest go back to the risk item.