Unroll the life raft and take out the inflation equipment. Examine the life raft for any cuts or fraying before inflating. Check to be sure that all the connectors for the inflation mechanism are properly attached.
Inflate the life raft. Make sure there are not any leaks and that the raft inflates completely when you trip the mechanism. Place the life raft in the water to make sure it will actually hold weight. Observe everything and make sure that the life raft isn't damaged (bubbles should come out in the water near tears), bulging (the shape of the raft should be smooth and uniform) and that it's sitting properly in the water.
Deflate the life raft. Make sure the cylinder is properly charged before re-folding the raft and storing it away on the ship, plane or other craft that you have it on.