Clean the chip area real well, lightly sand the edges to remove any loose particles, try to bevel the edges sloping into the repair area. Make sure there are no ledges. Acetone on a rag cleans it real well.
Tape off the area around the repair.
Stay close to the repair. Make sure there are no tape ends in the sanding area. The purpose of the tape is to avoid a mess and protect the area around the repair from the sand paper.
Follow the instructions for mixing the catalyst into the gelcoat.
Usually mix about 1/2″ inch of Gelcoat in a non waxed paper cup with 5-6 drops of MEKP catalyst.
Make sure to stir completely.
Build the gel a little over as it will shrink some.
Standard gelcoat does not cure in air and needs to be covered to cure.
Any type of wax paper, mylar, cellophane, etc an be used to cover the repair while it cures.
Lay the wax papaer directly onto the repair, it seals off the air so the gelcoat can cure.
Should be cured in 4 hours, but waiting overnight to sand is best.
If the surface is still sticky on top but the gelcoat is hard underneath, wipe off the tackiness with acetone so your wet sand paper does not gum up.
Acetone is also used for the cleanup.
Sand with 600-800 Wet sandpaper to get a smooth finish, keeping the paper wet, if sanding lines are still seen up the sandpaper to 1000-1200
Once you get the chip sanded smooth you can compound with a medium/fine grit compound and wax.