The first thing I would do is go out and buy the book
The Art of Raising a Puppy by the Monks of New Skete. You can check it out at Amazon here
http://www.amazon.com/exec/obidos/tg/detail/-/0316578398/qid=1084720533/sr=8-1/ref=pd_ka_1/102-2211062-5976953?v=glance&s=books&n=507846. Every order of monks has a thing that they do - some make wine, these guys breed German Shepherds. Don't worry about the Shepherd thing, though, because the principles are the same for Beagles, and they will teach you what you need to know about raising a well adjusted pup. I can't recommend the book enough - you need it!
Beyond the book I'd recommend a few things.
First, you really should take Bailey to obedience training. This will help socialize him, teach him some basic skills, and will help establish the bond between you and him.
Second, be comfortable with being his Alpha Dog. Every dog pack has a pecking order, and the top dog is the Alpha. Bailey needs to look to you for direction and discipline. I think it is hard for some people to get comfortable with this because they don't want to be mean to their dog by scolding loudly and strongly. Your dog needs this dynamic, especially early on, and you will both suffer through the years if you don't make the hierarchy clear from the start.
Third, take the time to let Baily play with other dogs. They learn social skills by playing with each other that they cannot learn from us. Sometimes their play will look like fighting, but it's really important to let him learn how interact on a dog level.
Good luck, and have fun, but remember, everything you do now is setting a precedent for how he will behave later in life. Just take the time to train him and you will have a wonderful time together.
Cheers,
Eeyore