The first thing you would need to know would be what types of costumes to dress in:
 

	What the normal every day man would wear in that time period would be Breeches (pants), Boots, a Jerkin (vest), a Shirt, and a Hat.  Shirts in that time were long sleeved and had a draw string and either a high collar, a low collar, or no collar at all.
	What the every day women would wear in that time period would be Over under skirts with different colors,  a full, lowing shirt, a bodice, and inside skim.  For a real authentic look do not use a second skin or apron for a chemise.  Chemise should not have long sleeves, a draw string, and should either have a high collar a drop collar or no collar at all.
	Every single child wore long shifts and a muslin cloth cap (biggins) this was until the age of three.  After the age of three the children dressed just like the adults but in smaller versions.
	If you want to dress like a Noble you would have to stand out Nobility wore expensive black fabrics these were expensive because black dye was extremely hard to find and not to mention expensive.

 
Hats:  Every one in that time period wore hats.  Make your hat look 16th century such as muffin caps, biggins, and straw hats.
 
The second thing you would need to know is what games or contests to
have at your Faire:
 
   

Jousting is a very popular thing to see and compete in at a Renaissance Faire.   It also provides a lot of entertainment to the visitors at your Faire.

Here are some more games that would be a big hit at your Faire.

A fencing circle, were people compete with swords to try and touch the other person with the end of your sword
 

The third thing that would be important is what Crafts to have:

A big thing that is very popular at Renaissance Faires is face painting people who go to Faires very often get their face painted.

Another thing people like to make at Faires is Creative candles, people made creative candles of different things such as carved wizards, and candle rings.
 

The Forth thing that you should know when putting on a Renaissance Faire is what music or dancing to have:

Dancing was a very popular thing in the Renaissance period.  It was a form of exercise for the peasants an a social skill for the Noble men.  There were basically two types of social dance back then. The first type of dance was simple dances in which any amount of people could perform in.  They were performed usually in circles or lines.  The second type of dance was a lot more difficult then the first type.  They required a dancing master and a lot of practice and were often performed in front of an audience.

The most important part of dance in that time period was the footwork.  The foot work was important because the bulky 16th century clothing did not allow hardly any upper body movement.  Some people who invented these 16th century dances were   Thoinot Arabia, Cesare Negri, and Fabritio Caroso.
 

The fifth thing that you need to know is what famous people that should be at your Faire:

Probably the most important person to have at your faire would be her Majesty queen Elizabeth.

The famous play writer Shakespeare would be a very popular person at your Faire
 

The sixth thing you need to know is how to act and behave (Social manners) this is important to make your faire more realistic:
 

The first rule of proper etiquette in a Renaissance Faire is you always address a person by rank, title, occupation or physical description for example  "My Lord", "My Lady", "Good Shire", "Good Wife".  People back then were very aware of their social status and knew were they belonged.  So every person addressed the person by there social status and people were fine with that.  They had a socially satisfied society.
 

The seventh and final thing you would need to know to make your Renaissance Faire a success is what food to serve:
 

Friar's Fish and Chips - Freshly battered and
 fried fish, shrimp baskets, Scotch eggs, marinated
 mushrooms together with grilled ribs and chicken are
 all Friar's specialties.

Peasant Bread - Succulently fried bread topped
 with jam, jelly, honey, powdered sugar or cinnamon.
 The freshly squeezed lemonade is a most pleasant "go
 with" for this Shire specialty.

 Fresh Fruit - Fresh fruit made a tasty snack and
can be made into a smoothy for a very healthy drink and
try a chocolate dipped strawberry for a little bit sweeter tats

Steak-On-A-Stake -  A creation of hungry knights on the run to the                                                           jousting lists.  More conventional fare is the same
delicious steak in a bread puff with optional cheese or
onions.

All recipes for food for your Renaissance Faire were received from this web site http://www.parenaissancefaire.com/

If you follow these seven steps I'm sure that your Renaissance Faire would be a success.