diff --git a/PREPARE_RELEASE.md b/PREPARE_RELEASE.md
new file mode 100644
index 000000000..9a72da6ec
--- /dev/null
+++ b/PREPARE_RELEASE.md
@@ -0,0 +1,48 @@
+# Prepare for a new release
+
+In this repo you will need to perfrom the following tasks manually
+
+There is a lot of information on what is needed to manage OLM [compatible operators](https://redhat-connect.gitbook.io/certified-operator-guide/ocp-deployment/operator-metadata/creating-the-csv).
+
+- Update `version/version.go` bumping the minor or patch version. Major versions shouldn't be released without discussion and approval of the maintainers!
+- Update the `Makefile`
+- Update `replaces` field in `config/manifests/bases/grafana-operator.clusterserviceversion.yaml`
+- Update `CreatedAt` field in `config/manifests/bases/grafana-operator.clusterserviceversion.yaml`
+  You will have to asses when it's going to get merged and you will be able to do a release.
+  You should make sure it's the same date. If not you will have to change it
+  manually when creating PR:s to OLM.
+
+      # This is how the time syntax should look.
+      $ docker inspect quay.io/grafana-operator/grafana-operator:v4.0.2 |jq '.[0].Created'
+      "2021-11-22T10:34:12.173861869Z"
+      # 2021-11-22T10:34:12Z is enough
+- Run `make bundle`
+- Run `make bundle-kustomization KUSTOMIZE_TAG=v4.0.2` the KUSTOMIZE_TAG should match the new tag
+- Create a PR and get it merged
+- Create a new release with the new tag, make sure to compile release notes (github has an option to do this for you)
+
+To update the OLM channels you will need to create a PR in the following repos:
+You will need to sign your commits, and make sure they are squashed before submitting the PR, be aware that these repos also require you to sign certain open-source agreement documents as part of the CI-checks.
+
+- [community operators](https://github.com/k8s-operatorhub/community-operators)
+- [RedHat operators](https://github.com/redhat-openshift-ecosystem/community-operators-prod/tree/main/operators)
+
+## Community operators
+
+Create a new version of the operator under
+[https://github.com/k8s-operatorhub/community-operators/tree/main/operators/grafana-operator](https://github.com/k8s-operatorhub/community-operators/tree/main/operators/grafana-operator)
+that matches the new tag.
+
+Copy the content of `bundle/manifests/` in the grafana-operator repo from the taged version.
+
+Update `operators/grafana-operator/grafana-operator.package.yaml` with the new tag.
+
+## RedHat operators
+
+Create a new version of the operator under
+[https://github.com/redhat-openshift-ecosystem/community-operators-prod/tree/main/operators/grafana-operator](https://github.com/redhat-openshift-ecosystem/community-operators-prod/tree/main/operators/grafana-operator)
+that matches the new tag.
+
+Copy the content of `bundle/manifests/` in the grafana-operator repo from the taged version.
+
+Update `grafana-operator/grafana-operator.package.yaml` with the new tag.