I have been asked by several peopleabout my study and preparation process for what I am preaching on Sunday and what translation I use while studying. The first step in the process I go through is to read the text in its broader context including the entire book of the Bible (will continue to do this throughout my preparation). I have done this well in advance in laying our the sermon series. The week I preach the sermon I begin with the following process.
I beginning studying the passage with three resources in front of me: the Greek text, the ESV text and a literal interlinear text. I first read the passage from all three of these resources asking a lot of questions and identifying words, themes and ideas for further study (the step of observation if you are an Inductive Bible Study Methods trained person). I then bring in exegetical tools (including a variety of word study, linguistic, and grammer tools)to create a translation that I believe best reflects the text. This is always a work in progress that I come back to. I do not assume that it is a better translation than others, it simply communicates in a way that I understand the text while attempting to be very literal. I do not truly start from scratch (I am not that good with Greek). It is based on the ESV. The difference will usually be a more wooden or literal reflection of the Greek which may and may not make it more readable.
I then record my study notes on the verses. This will include reasoning for my translation as well as initial interpretation of the meanings of words, phrases and meanings. This is based mostly on using the exegetical tools with reference to various translations. At this commentaries have not been consulted. That comes in the next step.
I have attached my notes on the text from my my recent sermon that you can check out if interested. In this particular passage there are not a lot of controversial or obscure verses so the notes are fairly short.