Inductive Study
Observation: What does it say?
In this part of the study you should find out what the background of the book is, the author, why it was written, and who were the people involved.
Interpretation: What does it mean?
You need to dig deep in this part of the study and find the meanings behind the words that are written. Some tools you can you use in any of these types of Bible studies are: commentaries such as the MacArthur Bible Commentary. Bible dictionaries are also great tools, an example would be Baker's Evangelical Dictionary, and the Holman Bible Dictionary. Concordances are also very useful in Bible study, an example would be the Strong's Exhaustive Concordance. Bible software can also be very helpful such as the e-sword software available for free online. Some good Bible versions to use in your Bible study would be the New American Standard, the King James Version, the New King James version, and the Amplified Bible.
Application: How do I respond?
What it is God wanting to say to you through His Word, and how will you apply the truths to how you live each day?

Topical Bible Study
This type of Bible study is used to study specific topics in the Bible such as sin or heaven. When looking you topics be careful to look up the meanings of the specific words of your topic in each verse and chapter. Also read what is written before and after the verses that state your topic to get a better understanding of what the writer is saying. You should also write down what answers you find and ask questions as to what God is saying to you.

Meditate On God's Word
In this type of study we need to free our minds of everything but God and the Word of God. A huge part of any of these types of Bible study methods is prayer. Spend time praying and asking God to give you wisdom and understanding and confess any sin that might be in your life( 1John 1:9). Choose a verse or verses to really dig into and let God speak to you through what He is saying ( Joshua 1:8, Psalms 1:2, Psalms 143:5). Then make what He is saying to you personal and a part of how you live. The purpose of this study is to focus on Him and what He wants to change in you.