Here is a list of what you will need:
A bike and/or part you want to change the color of
Sandpaper (varying grits)
Canned spray paint/clear coat
All of these items (except for the bike) can be purchased at Wal-Mart, Home Depot, Lowe’s, etc.
Take your bike apart, making sure that all parts being painted have been removed from parts that are not being painted.
Sand down any rough spots, scratches, etc. to ensure a smooth surface. Use a medium grit sandpaper first then work up to an extra fine grit.
PUT ON THICK RUBBER GLOVES. Spray on paint stripper in a thick coat. Allow 5 to 20 minutes for the paint stripper to work. Wipe off the paint stripper with paper towels or steel wool pad. This will take numerous layers to get all the paint removed. After all the paint has been removed, spray the part down with water and wipe off any excess paint stripper with your gloved hand.
To remove anodized color from aluminum parts, spray the part down with oven cleaner and let soak for 5 to 10 minutes. Do not let the part soak too long or it will begin to oxidize. Wipe off the oven cleaner and spray it down with water to clean it thoroughly.
Clean your raw bike parts down with mineral spirits or paint thinner. DO NOT TOUCH BARE METAL PARTS WITH BARE HANDS. The oils in your skin will cause the metal to rust. ALWAYS WEAR GLOVES.
Mask off any areas of your bike part that you do not want to get paint into with masking tape. Paint your bike with a total of 7 or 8 thin coats of paint/clear coat. Use thin layers to prevent the paint from running and make sure you put enough coats to avoid potential rust. Allow the suggested dry time between coats and before you put the bike back together.
Put your bike back together and go ride.