It's really hard for me to explain the way retouching works. There aren't much rules to it..i've met many retouchers before and everyone seems to always have a different way of coming across to how about they will fix the image.
My suggestions to you are , always shoot in RAW because it's always easier to fix balance and all that fun stuff.
The way I retouch is, I open up an image in Lightroom, I fix the white balance and color, sometimes clarity. Then I open it up in Photoshop. I always save my files as PSD instead of TIFF's/ But that's just my personal preference.
Steps I usually do my retouching in.
1. Clean skin from blemishes,little hairs, scars (if there are any), and if there are any dust spots.
2. Liquify if needed. Now dont ever overdo this because the model or agent wont be very too happy about reconstructing the mode's face. Or client work.
3. Fill>50% grey on opacity. Dodge and burn layer :) (now this will take a lot of practice and patience. You dodge the dark spots of the skin and burn the light once. It can take anywhere from 3-4 hours on beauty. It all depends on skin type, how fast you work and how perfect you want to get it to be)
4. Hair. If it's coming into an eye, or rally messy somewhere, then you do it. Hair is a lot of patience and practice. It's probably one of the hardest things to retouch and it's so frustrating. I'm still learning how to do it, and it's a mess. But you need to really have patience for it. I usually work with clone/healing tool on this.
5. Makeup, inhence, clean up blah blah blah. Eyebrows , color pop, smoothen, and all that fun stuff.
6. Play around with color. Shadow/highlights. These I usually paint in.
7. (clothing retouching, if needed to be done. But this I would probably do after skin/hair/makeup)
8. Save a layered file and one for printing.
ALSO not in all cases but most, I sharpen and put a noise filter on top.
Anyways! If you have any questions, just ask me.
Example of my retouch :
Image by : DALLAS J LOGAN