This can be as easy or difficult as you wish, or as informal or stringent in other words. Your Bylaws could include election requirements, so take a look at them and adjust accordingly. If not outlined in your Bylaws, all questions of order and procedure should be in accordance with Roberts Rules of Order, newly revised. Here’s a link from Roberts Rules, Chapter 12, Nominations and elections. WikiHow also has a good resource for election information in plain English. 

The Nominating Committee
Typically, the current President will appoints the nomination committee, which submits the names of candidates for various offices to the  membership at a nomination meeting. The meeting typically takes place 1 to  3 months before elections.

Nominations may be made from the floor of the nomination meeting. Once nominations have been closed, no more nominations may be made. If the nominee/s are unable to serve, and there is no other nominee, the nominating committee may submit, at the election meeting, names of additional nominees for that office

To be eligible for club office, the member must be an active member in good standing with dues paid current. 

General Voting Guidelines
Elections can be several ways by those present and eligible to vote. Show of hands, Voice Vote, Ballot or Roll Call. A quorum of the majority of members in good standing is required. Your majority is identified in your Bylaws. Members present must be in good standing. The President is entitled to one vote.

Majority Vote
The member receiving the most votes has a plurality.

Running your Election Meeting
This is done in-person at a General Meeting and there are processes for online meetings.
Count the votes and announce results identifying the name and position of the party with majority votes. Raise a Motion to confirm the results. Ensure the Secretary has entered results in the minutes.

Installation of Officers
Not required but traditionally held at the first meeting of the fiscal year. 
This meeting is an opportune time for your club to:
Express gratitude to the previous board members as they complete their term of service for serving the club. It may be appropriate to present outgoing board members with small tokens of gratitude.
Honorably transfer authority and responsibility from current leaders to newly elected directors and officers at the beginning of each fiscal year. Some clubs have a strong tradition of “passing the club gavel” from outgoing president to incoming president.
Recognize club members who have provided excellent leadership and service to the club the previous year. This is for those members who may have provided extraordinary efforts to large projects.
Celebrate the club’s service and positive effect on its community. It is appropriate to recount all of the club’s service success over the past year.
Acknowledge members who provided outstanding support to the club’s service. If the club has a strong community benefactor assisting the club in its service, it is appropriate for the entire club to extend its gratitude.
Recognize long-time members of the club for their dedication, service and leadership (could recognize all original charter members).
Provide an opportunity to share the club’s goals and chosen program of service for the upcoming year to the newly elected club president to inspire the club members to commit to making its community a better place to live.
Celebrate club milestones, such as the club’s anniversary or long-lasting community service programs.