As requested, here are the steps I went through to come to my first draft.
Firstly define the silhouette, audiences should be able to identify what the author is portraying through the shape, very important to lay down a strong silhouette before moving forward.
I skipped a step here, but after the silhouette has been confirmed, one could move on to refine the structure of the design, but in this case I had references so I just simply pieced the structure of the creature from my references.
I need to point out though, it recommended to work from the references instead of using the references directly, most scenarios one would use the references directly are usually cases when you had to show the clients the ideas, but you just happen to be short on time to present your idea, although some client would still accept rough sketches, but sometimes there are just exceptions, so try to make your presentations as presentable as possible.
Once the basic structure has been defined, move on to refine the colors, one could also refine color and structure both at the same time, go for the method you find most comfortable with.
Once you have the first draft approved by your client, congrats now you can either move on to refine the details on your concept if it for an illustration case or start working on your modeling sheet if the design need to be transformed into a 3d model.
Hope these will help, fascinate me to see all the designs everyone comes up with through every events, keep the creativity going, and don't be shy to share your work flow too~
ps. sorry about the size of the image