HOW TO FIND IT:
This will not be as easy as the Orion Nebula, but it should not take long to locate. M78 and the belt of Orion form somewhat of a right angle. You will not see any hint of the nebula in the viewfinder of your telescope, so once you find the approximate area, slowly scan the area on low power.
WHAT TO LOOK FOR:
M78 will be a dim nebula. It will have the shape of a faint comet, with two 10th magnitude stars within the "comet's" head.