Pose the research question. A theoretical framework is not developed until the research problem is established. The question is usually about the relationship between two variables, and this is the phenomenon the researcher will study.
Examine the literature. A theoretical framework often comes from the previous scholarship on a topic. It is usually a hole in the literature that spurs a researcher to use a particular framework. When the researcher questions why no one has studied a problem from a particular angle, that is a good basis for a theoretical framework.
Investigate the theory. Read the literature on the theory that has been selected. The theoretical framework is a conceptual map for the study, so an intimate understanding of the tenets of the theory is paramount. The researcher may find, upon further investigation, that the theory he has chosen is not appropriate to the question at hand.
Test the theoretical framework. How does the theory help limit the study? Determine what sorts of methods the framework lends itself to. Some theories are best applied experimentally, while others lend themselves to observation or heuristics. Decide whether the theoretical framework fits your worldview and your preferred approach to research.
Refine the framework. Common pitfalls of theoretical frameworks are that they are overly complex, imprecise, inappropriate to the question at hand or unrelated to other competing structures. The framework should be broad enough for a robust study but narrow enough to be fully explicated.
Validate the framework chosen. The researcher will be expected to defend his choice of theory. What are the advantages to using this theory over another, and why do they outweigh the disadvantages? Most importantly, what is the relevance of the theory to the question at hand? The researcher should be able to show that the theoretical framework adds to scholarship in a meaningful way, either by theory-building or real-world impact that results from the study.