Insert a thin strip of sheet-metal flashing between the stair tread and the stair riser to protect the riser. You can use the same strip on each step and move it as you work, or you can use a separate strip on each riser.
Wrap painter’s tape around the bottom of each balustrade where it meets the tread.
Sand the flat tread surface with a handheld orbital sander to remove the old varnish or paint. Keep the sander moving from side to side in the direction of the wood grain.
Remove the finish around the balustrades and around the edges of the tread with 80-grit sandpaper. Remove all of the old finish for the best results.
Remove all dust from the staircase and the room with a vacuum then wipe down the staircase with a tack cloth to remove any lingering bits of dust.
Apply wood stain to the treads with a foam brush and leave it on for a few minutes before wiping off the excess with a shop rag. Let the treads dry completely before continuing.
Sand the treads lightly with 180-grit sandpaper to smooth down the wood grain. Wood stain can raise the grain of some types of wood, leaving a rough feeling. Don’t sand hard enough to remove any stain. Use very light pressure.
Wipe down the treads again with the tack cloth before applying a thin coat of varnish, polyurethane or another wood finish product with a high-quality, natural-bristle brush. Brush in the direction of the wood grain.
Let the topcoat product dry then sand the surface with 240-microgrit sandpaper. This is very fine polishing sandpaper. Just brush it lightly over the surface to buff away any bits of hair or dust particles that might have adhered to the topcoat.
Apply one or more additional coats of wood finish to the treads. Allow each coat to dry completely before buffing with the microgrit sandpaper.