Locate an appropriate area to hang your heavy bag. You'll need enough space to move around and hit the bag from any angle, and you'll want the bag far away from furniture or breakables. Note that working out on a heavy bag is very noisy and creates a lot of vibration, so consider how such distractions might affect adjacent rooms---or your neighbors. A garage, carport or designated workout room (especially a basement space) are all good places to hang a heavy bag.
Locate a sturdy support beam from which to hang the bag. Remember that the beam must support 200 lbs, so a regular 2x4 will not work. Look for a main support beam, which may have dimensions of 4x4, 4x6 or greater.
Drill a hole in the beam then screw the eyebolt into the hole. The eye must be flush against the beam so that you can no longer see the screw's threading.
Attach a heavy bag chain and swivel set to the heavy bag using S-hooks. Chain assembly styles vary depending on the type of bag you purchase, but most heavy bags have four loops on top. Attach the four shorter chains in the chain set to these loops, and attach all of the chains to one longer chain, which you will hang from the eyebolt. You can use whatever length of chain you prefer, but typically a heavy bag is hung to represent a six-foot-tall person. So, the top of the heavy bag should hang a little higher than six feet off the ground.
Attach a latch clamp to the longer chain, and then attach the latch clamp to the eyebolt. You will need to have a buddy or two lift the bag while you attach the clamp to the eyebolt.