Know your equipment. Unless you are building your own setup, you will have to decide on the right board, swivel and speed bag.
Decide on a setup. Setups include wall mounted or free standing frames. Generally the wall mounted setups hold up best when used with smaller speed bags.
Choose a board. Boards come in sizes ranging from 24 to 36 inches. Due to the lack of space in home environments, most people use the smaller (24 inch) version in their home setup. Light or thin boards may need to be reinforced with wood to decrease vibration and add stability.
Select a swivel. This middle piece of the setup provides movement for the speed bag. Drill holes for the swivel all the way through the board before installing it with bolts. For chain link and ball-hook swivels, tighten the bottom with a vise grip to keep the swivel from coming loose. In addition, bar type swivels may need tape around their bag loop to keep them in contact with the bar.
Pick a speed bag. According to speedbagcentral.com the 8 by 11 bag is best for beginners. Pump your bag up until the bag is smooth and free of wrinkles. For advanced trainers, adding a little air to the bag will increase the rebound and speed (and chance of a blow out!) of the bag.
Read the instruction manual. Each speed bag kit is unique therefore read your manual carefully for specific instructions regarding installing your speed bag the correct way.