There's no right or wrong way, just figure out what works for you.  The most difficult part is getting started.  There are many ways to go about it. 

In our family we have read through the Old and New Testaments and taught our children the Bible stories contained therein.  I usually read a little from each chapter and paraphrase the rest because my children are young and need to have it taught in a way that is understandable for them.  They have really enjoyed hearing the amazing stories of Abraham, Moses, David and Jesus.

Some people simply read a chapter without much comment.  If that's all you feel comfortable doing that's great.  God will honor your efforts more than you realize.

Others, like to read from a devotional.  Probably the best known and most widely used is Spurgeon's Morning and Evening.  Other examples include Bible Doctrine Drill by Elder Zack Guess which is a wonderful tool to catechize children in the doctrines of the faith and also Daily Devotions by Elder Zack Guess.

Many other good sound devotionals exist which may be used to great advantage in leading one's family in worship to God.

Elder James Taylor