I'm skipping the pencils/inking stage here and just concentrating on the colouring process. The first stage therefore is to transform your inked black & white linework into a colour template for you to start colouring.
Your inks will probably be saved in a black & white, or greyscale .PSD file format. I work on my inks at very high resolution, which would be slow to colour initally. So the first thing I do is resize my inks to a much lower resolution, to enable me to work nice and fast. I can resize my colours later, and working at lower res has the added bonus or allowing you to blend colours a lot easier!
My inked originals for this image were 3431 x 6827, and my resized working colours were done at 1000 x 1990. So once you've resized you file to a usable size, you'll want to turn it into a colour file.
In your Photoshop menu select - Image > Mode > RGB Colour
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