I have worked through other books of the Bible using these same methods/tools (including Genesis, Exodus, Ruth, Psalms, Proverbs, Jonah, Zephaniah, John, 1 & 2 Timothy, Titus, James, and Jude) and wanted to try a new book! This way, we are learning and studying together.
Even though I love the Old Testament, I wanted to begin in an epistle. Epistles make up much of the New Testament and are (to many) the simplest type of book to learn to study. The major characters are given in the introduction (or closing) and there is normally one overall message, making it great for beginners!
So, here we are in Colossians.
If you are new to Bible Study, read my guide here.
For more information on the steps of the Inductive Method, read my overview here.
Where to begin?
Gather your supplies (Bible, notebook, and pen), pray for wisdom, and then observe the text by reading through the book at least twice (don't worry; Colossians has only 4 chapters and a total of 95 verses).
Remember: this is just an overview, so don't worry about getting every detail but only the main points.
If it helps, you can make lists (which is what I do), write your own summary, make a flow chart or outline, or anything else that will help you recognize the main point/flow of the book and the key features.
I'm using the NASB version of the Bible, but use whichever version is most comfortable for you (or whichever version you have memorized Scripture from previously). I recommend the NASB, ESV, or NIV.
Optional Idea for Colossians Study
One of the things I like to do is use a 3-ring binder for my Bible Study. You can use one loose-leaf page for each person or topic and just add it in anywhere, and you can even print out a copy of the book for labeling and marking instead of marking your personal Bible. If you have never done a Bible Study before, I would highly recommend using this method.