Going by the dimensions j.w gave, you could have a pond of up to 800 gallons. That's a pretty decent size for a first pond! Keep in mind that koi can get two to three feet in length, so you may want to consider sticking with goldfish - but this would be big enough to support some koi.
At the very least, you'll want to build yourself a biofilter. A 55-gallon drum would be about the right size, and they're pretty cheap to make. Get a suitable pump to move the water, and you'll be ready to go.
As for digging the hole... Since you enjoy looking at your friend's pond, you probably already have some ideas of what attracts you to it. Plants are a great idea as they provide shade for the fish, and can draw interest from other critters like birds, dragonflies, and frogs. So you probably want to dig your pond with a shelf around the edge to grow your plants on. Based on what I'm currently planting, you should keep the shelf at 8" or less. Most bog-style plants require no more than 3-6" depth. Also consider varying the shelf height... perhaps making it 4" deep on the front side of the pond, and 8" deep around the back side, to give you more variety in the types of plants you can have.
Also keep in mind variations in pond size. If you only dig it to 30" deep, that gives you another 12" of liner for the width, so you could make the pond 5' x 10', and the sides wouldn't have to be so steep to get the final depth. Since you are in Florida, you don't have to worry about freezing like many of us, however you still want to retain some depth so your fish will have protection from predators.
The best information I got when trying to decide how to build my own pond came from looking at pictures of other people's ponds. There is a huge variety of possibilities, and you will find little pieces from different ponds that you want to try to put into your own. Find those ideas that you like best, and see if there are any special considerations to make them happen. At the very least, try to plan ahead for any ideas you might want to add in later (like a waterfall). Even if you don't have the money to add that feature now, build around the idea, and leave yourself room to add it later. It really sucks to have to tear out a whole area later on to add that new idea!