The easiest way I have found is to cut to length, taper both ends, apply stain/paint. Let dry a minimum of 24 hrs. Then i use the small binder clips. I clip them on the point end up, and dip nock down. I then hang them over a wallpaper tray (my dip tray) to dry. after another 24hrs, I steelwool the shaft, then glue on the nock. This is also the step where I apply my cresting. Once again, let dry 24 hrs, then I dip the arrow 2 more times (once again waiting 24 hrs between dips with steel wool between coats) with the nock up (binder clip on the nock now). This way your whole arrow is completely finished and sealed so that you do not need to cut and taper allowing the air/moisture to enter your finished arrow.
All that is left to do is glue on some feathers and some type of point, and go out and have some fun.