1. Unmux subs from Horriblesubs release (or from someone else who did)
2. Encode transport stream
3. Shift subtitle timing
4. Copy opening/ending from actual fansub group (when available)
5. “Edit,” “check translation” (add honorifics, switch name order, reword some sentences)
6. Add pretty fonts and karaoke effects
7. ???
8. Profit (as long as you’re the fastest)
9. Release v2 for all the errors your viewers told you about
Extra: Call it “meta” as an excuse for anything you do that may be viewed as unpopular or incorrect

Addendum: If you and a couple friends have finished Japanese 102, start your own fansub group and release shit because you have no experienced timers, editors or encoders and refuse to joint or (shock!) join an established group.