If you truly love it and are going to use it outdoors, we would recommend consulting or just using a boat builder to get the finish to be weatherproof. That being said, there will still be maintenance, but it will not fall apart.
If you want to do it yourself, yes you will have to begin by sanding and taking the upholstery off.
If you know how to sew or have done any re upholstering, then you should be able to tackle this but if it is truly your first piece, then I would go to a pro and perhaps they will let you intern with them for refinishing this piece. Some places have classes.
OR, look at the local adult school classes near by and take a furniture refinishing/reupholstering class.
Using online tutelage will never compete with an expert in the room.
Depending on where you are located, perhaps we could be of assistance.
Regards,
Karen & Joseph
for Decorative Philosophy