Ok so before you even make your first cast, pull on the line in front of the reel. Is the drag set just below the breaking point of the line? If you want to be more accurate take the line from the rod tip and pull on it, if you got 8 lb line your reel should let line out when you're pulling about 4-6 lbs. If not then adjust the drag so it will let out line when you try again. Now you got your drag set properly for open water fishing, if there are weeds or you are running a heavy lure you will have to set the drag to about 6 lbs. None of this is in stone, you have to go by feel. Heavy weed cover will make you think you got a fish and if you pull it's just weeds. 8 lb line is stronger than most weeds so rip it off.
That magic moment when you feel a bite, NIBBLE NIBBLE BITE SET THE HOOK, FIGHT, SET THE HOOK AGAIN, you can use a bit of force since you know the drag is already set properly. The fish is on and he's fighting you to get away, keep the line tight, don't give any slack. Like Nado said keep your rod tip up, but as soon as you feel slack that usually means he's going to go airborne, at this point you should be reeling like mad to regain tension and control of the fish and then drop your tip to the water to make him think he's stuck on something in the water and there is no need to jump. As he struggles against your drag, if it pays out line then let your reel do it's job. The job of your rod now is to take any shock out of a fish's jerky fight, and to prevent the line from snapping. Point your rod away from the fish at about 65-80 degrees up or to the side, this will allow the rod to bend and absorb alot of shock. Now when you feel that the fish is getting tired you can begin the process of landing him. Start raising your rod to pull him closer, as the rod reaches vertical you must reel and lower your rod simultaneously. You are in effect taking in line by pulling and taking in line to get him closer so you can land it. Keep on raising your rod taking in line until he's close enough to net him. But when he is close enough to see you, this is when he might panic and make a last ditch run again. Then you have to keep your rod tip pointing up and let your drag work for you again. He may only take out a little line but that's part of the fun. The more he takes the more time you have to fight him to make him tired. If you plan to release him you'll have to give him time in the water to recover. So net him, take your pics and post them here so we can see.....lol. Then by grabbing his lower lip (for bass only, don't do this with pike, walleye or muskie) hold him in the water and let water enter his gills. You will know when he is ready to go, you'll feel his strength come back and he'll take off in a shot and dive or swim away. Congrats you've fought, landed and released your bass. I know it seems like alot of things to do but not to worry it will come to you when you get your next fish on. When I was a kid, I'd practice at home inside, tip up, reel in and let the tip down, tip up, reel let the tip down.
Ha Nado and I like the bass acrobatics. If you want to see bass jumping and don't mind losing the chance at getting any pics with it then keep your rod tip pointing up. This will make it jump out of the water for some spectacular flips. Love them flying bass.......lol.
Dugger is right sharp hooks are crucial. They get banged up on rocks and won't hook anything. Good point about the barbs ripping flesh too.
Best of luck.