Here's a 301 resource post we have schwagner. It's a good starting point setting up and managing 301 redirect properly.
You're not alone in making a change like this, though as alluded to, there will be some rustling of the feathers as the process sort itself out.
The 301 redirect will help protect most of the value of inbound links to your original domain, but the new one will need to grow it's own list of links to legitimately stand on it's own in the rankings.
Are the phrases the old domain rnaks well for big convertors or generic/high traffic phrases?
If so, tread carefully.
You will mostly likely see a dip in traffic, but for how long remians known only to the engines themselves. If your site generates inbound links at a reasonable pace on it's own anyway, any pain will be shorter lived.
You can help things along by getting a dedicated link building campaign started for the new domain - look to the directories in this list first as a decent source for some links. After that, grab you hat and start contacting other sites to ask for links. Keep it limited to related topic sites with decent reputations themselves. Ask politely then hope for the best - don't harass webmasters.
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