Applying a tourniquet involves several critical steps: 1. Identify the Source: Locate the bleeding source. 2. Positioning: Place the tourniquet 2-3 inches above the wound, avoiding joints. 3. Tightening: Tighten the tourniquet until the bleeding stops. 4. Secure: Ensure the tourniquet is secure to prevent loosening. 5. Record Time: Note the time of application to inform further medical personnel.