On 2 conductor lamp cord with a molded plug installed on one end, the hot wire is always on the narrower prong. The other wire is not hot, it is your nuetral wire. If you are making up your own cord with say, 16 ga. 3-wire cord, you'll hook the white wire up to the silver screw, the black up to the gold screw, and the ground (green) wire up to the green screw. It keeps the polarity all good when plugged into a properly wired receptacle. Your dimmer switch should come with a wiring diagram.
While we're on the subject, I really don't like dimmer switches for motors. It's better to use a heavy duty rheostat like the ones for ceiling fan speed controls. They can be pricey though, considering you are trying to go cheap here anyway. Your foot pedal is a rheostat. They have a heat sink on them to handle the current draw. Dimmers tend to burn out after awhile, or shorten the life of the motor.
The real cost behind the pro cresters is the gear reduction motor. You can creep sewing machines along, because of the gear ratio difference inside the machine.