These are the basic stages I go through when drawing a character.
First comes the idea.
Then comes basic layout to get a feel for the structure of the character and how said character will fit on the page.
I then clean up the basic structure so I have the full body visualized. Sometimes this occurs on the same piece of paper (thanks to the ever magical eraser) but often I will trace over the existing structure on a new piece of paper.
I then start to add the details. In this instance, you can see I drew the cape in a bunch of different positions, trying all sorts of angles to get it right. I also drew the head on a separate piece of paper after too many scribbles and erasings on the original. No big deal, just trace it all onto another piece of paper when ready...
...and voila! Finished pencils.
I then ink it by hand. Again in this case I inked onto a fresh piece of paper using my light board.