Setting up the Prerequisites
As more and more users will upgrade their operating systems to from Windows XP to Windows 7 and personal computers become cheaper and cheaper, many families will have more than one computer in the house and sometimes more than one printer, depending on the needs of each individual user. When I say user, I am thinking of the family members. Someone will need to print on a Laser Printer, someone else will need to print on an Ink Jet Printer, some other user would need to print on a Photo Printer, and therefore many times you will need to have more than one printer in your house. If you have more than one printer in your home, it is a good practice to install them all on one machine, and then share them so everyone in the house can print on all the printers based on their needs.
In our scenario, we have a Windows 7 installed on a stationary machine and two or more printers connected to it so everyone can use this PC as a Windows 7 print server. Normally, in a small environment like a home network, all the machines will be members of the same workgroup, usually named WORKGROUP. The first thing you need to do on the Windows 7 machine is to "Turn on file and Printer Sharing".
Go to Start > Control Panel , click "Network and Internet" and then click "Home Group" then click "Create a homegroup". (You can read more about the Homegroup here) A dialog new dialog window will come up and will ask you what are you planing to share in this Homegroup. Select the items you want to share (for our scenario don't forget to add the printers) and click Next. Windows will configure everything for you and a new page will come where you will be presented with a random generated password to be used by the other machines in your environment when they want to access the resources shared on this machine. Write down this password and click "Finish".