Remove the cushions from the sofa and vacuum and shampoo the upholstery of all of the sofa pieces. This will allow you to repair any simple damage to the sofa fabric or frame before making your new cover. The sofa will also be easier to work with and will smell fresh.
Choose a durable fabric and prewash it to guard against shrinkage.
Drape your fabric face down from the floor, up over the back of the sofa and down to the sofa crease. This is the joint between the sofa back and sofa base with the cushions off. If your seat cushions are not removable, add tucking fabric -- the height of the cushion plus 1 inch for hems and 1/2 inch for seam allowances. Cut your fabric with scissors.
Position a second piece of fabric face down from the crease (or tucked end) across the cushions or seat base and down to the floor in front of the sofa. Add your tucked measurement (as necessary) plus 1/2 inch for seam allowances and 1 inch for hems. Cut your fabric. Pin your two fabrics together at the crease or tucked seam.
Place fabric face down along the side of the sofa and pin from the bottom back hem up. Follow the shape of the furniture and pin along the side until you reach the arm. Cut in from the sofa side with a straight cut to allow you to drape fabric over the arm to the side of the seat base fabric. You may require one additional piece on each arm depending on the style of your furniture. Repeat for both arms. Allow 1 inch for hems and 1/2 inch for all seam allowances. It is usually a good idea to follow existing seam lines as guides.
Remove the cover from the sofa and sew along the pin lines. Turn the cover right side out and fit it onto the sofa. Make any adjustments to the fit to create the appearance you want. Sew any corrections.
Open the seams on a loose cushion and iron the seams. Use the existing cushion cover as a pattern for new covers. Cut new covers out of your new fabric and sew each cover together. Sew your original covers back together and stuff them with their cushion. Stuff the cushions into the new covers and sew the opening closed. You may have one size back cushion and one size seat cushion to create patterns for. Cut patterns out of paper so you can reuse them.
Position your slipcover on the sofa and tuck the creases. Place your cushions in their locations. Smooth out the cover and pin the bottom hems. Remove the cover and sew the hems. Replace the cover and your sofa is ready to use.