The next step is to boot up the BBS by double-clicking on the Home stack in the HyperBBS folder from the Finder. You'll get a control panel with buttons which: start on-line operation (DON'T DO IT), start local (non-on-line) operation, go to the UserList stack, and go to the Sysop and User Help stacks.
By clicking on the "Begin Local Operation" button, you can log in and try out the BBS locally (i.e., without using the modem/phone line). You can log in as a new user, or you can use the user name "Sysop", with password
"Sysop password". Try everything out and make sure it's all working.