Once you catch your insects, you will need to identify them for your collection. In some cases, identifying to the order is sufficient, but in other cases you might want to be more specific. I typically identify my insect specimens down to the family and common name. I recommend you invest in a good set of field guides that identify to the major families. I like The Peterson Field Guide Series because it uses specific anatomical identifiers like tarsal segments and wing venation. I also recommend a field microscope with a magnification of 60x to 100x. Another excellent resource for identifying specimens is www.bugguide.net. In fact, BugGuide.net is probably the resource I use most in identifying insects down to the genus and species.
Once I have identified the specimen, I then prepare the labels. I use 2 labels on my pins. The first label, just below the specimen, contains all of the collecting data ie, date found, location, and who collected it. The second label contains the common name. I seldom use a third label, but when I do it contains the genus and species.