You store it in a drawstring, nylon sail bag when not in use. The proper way to fold the headsail is to lay it out flat then, starting at the foot (the bottom), flake the sail in approximately 24 inch panels until you have the head (top corner) resting on top of the accordian folded stack. This is more easily done with two people, one one each end of the foot(bottom). Working together you mark the desired fold width with one hand and use the other to pull the subsequent section over to the foot.
You should end up with the three corners on the same side, the head in the middle. Next start at the clew end (the corner with no hanks, where you tie on the sheets) and roll or loosely fold fold up the sail and then insert the bundle into the bag leaving the corners at the top. Do not fold sharply or crease the sail. Try to make the loose fold at a different place each time so you don't develop any creases, that can accelerate the cloth breaking down. Pack the rolled up, loosely folded, sail in the bag with the corners facing upwards.
When you're ready to use the sail again, roll it out on deck with the tack up front. Hook on the tack then hank on the sail starting at the bottom making sure the pistons all open the same way. Attach the halyard, tie on the sheets with bowline knots and you're ready to hoist. The bowline is a fixed loop knot that is strong, but very easy to untie. It's a very important knot for sailing, so make sure you know how to tie it.
A lot of the sailors here that use hank on sails have installed a "jib downhaul" It's a light line you tie to the top piston and runs down to a small turning block at the base then back to the cockpit. The downhaul helps you get the sail down without going forward. Besides keeping the sail secure it also keeps the halyard quiet. Think about this simple project after you've got the boat up a running.