Although this is a step-by-step series, everyone's methods will (and should) vary, so it really depends on how much time you think it will take (if you're billing hourly). What tools do you have at your disposal vs. how much researching for information will you have to do on your own? Will you have to pay for research reports or companies? Do you pay a monthly service for data or research?
Hey Ted, thanks for the great questions! The peak times refer to your particular time zone, if you are targeting an audience that resides in the same zone as you. You can also use tools to find out when most of your audience is online. For example, Facebook has this built into their Page Insights. For Twitter, you can use https://followerwonk.com/. Many social posting tools also offer this functionality.