Starting with the pilot hole on the end of the board that will take the tied off end of the rope, screw in one eye bolt that does not have a pulley attached. Use a screwdriver to help turn the bolt in.
Next screw the three pulley/threaded hook units into the other three holes on the board.
Tie one end of the rope off to the first eye hook using a bowline
with a stopper knot
. At this point, you should also think about which end of the hoist will hold the front and rear of the bike, and also which direction the thing will attach to the ceiling - you should also figure into this where the loose end of the rope will tie off when the bike is up in the air. Knowing this stuff will help you decide which end to attach which hook, assuming that they are different for front and rear...
Next feed the rope through the first bike hook, then back through the next pulley, then across to the next pulley, down to the second bike hook, and finally back through the last pulley. Pull all of the rope through the pulleys, leaving a few feet of extra for each hook.
Do not cut the rope until you are totally finished with the project. And then, don't be a dope and cut it when the bike is in the up position. You need to cut it when you have the most rope used in the hoist - ie when the bike is down and you know how much rope you will need.