
Buddha statues inspire us to develop our inner qualities to achieve happiness, good fortune, and satisfaction in our lives. Place Buddha in areas in your home or office for daily inspiration and as a reminder of your own capacity to achieve the good life.
http://www.khandro.net/practice_shrine.htm
When you wake up in the morning it is the custom to wash at least your face before approaching the altar to offer prostrations (placement of the body in a reverentially or submissively prone position). In my case I would put my hands in prayer in front of my heart. This is a sign of respect for the objects represented there.
I have the seven customary bowls in which I offer fresh water every day. The distance between the bowls is traditionally measured by the width of a grain of wheat. The bowls should then be filled up to the space of a grain's width from the top -- neither too little nor too much. Pour water like the shape of a wheat grain -- in a thin stream at first, then gradually more, then tapering off at the end. It is the custom to try not to breathe on the offerings.
I have many candles on my alter. They symbolize wisdom, eliminating the darkness of ignorance. In Tibetan monasteries hundreds of lamps are lit as offerings.
If you want to be traditional you would pour the water and then light the candles and incense. Then dip a tree trig into the water saying OM AH HUM three times (seed syllables of the Buddha's body, speech, and mind), and then sprinkling the offerings with water. Visualize that the offerings are blessed.
For more information go to khandro.net