Being a Host
Though hosting may seem like a mere natural progression for a seasoned performer, it is its own unique skill. A backing track for a lipsync will not stumble over its words, lose track of thought, be shy or defensive when heckled, or make a mistake. A backing track will play no matter what, but you must be prepared to stand in front of a crowd of expectant faces and begin your show.

When you are just starting out, a script is helpful to avoid forgetting important steps; a Welcome/Acknowledgement of Country, thanking the audience, venue, donors, and your performers, and house rules to keep people safe.
This doesn't mean every word ought to be scripted (though this may help people who lose track of thought easily), only that a list of points is worth memorising or taking with you on stage.
This can look like a large tome or a small clipboard in your hand while you host, or a mnemonic that reminds you of all the people you have to thank. The behaviour associated with using a mobile phone - shoulders hunched, eyes averted, hands occupied - is distinctly anti-social, so only use a mobile phone if it can be hidden in a podium or stylised, like a business-chic clipboard or a mysterious book.
Tips for addressing the crowd:
Prepare a non-gendered phrase to welcome people with; if you default to "Ladies and Gentlemen" and look upon a gender diverse crowd, it will not only trip you up and require you to make a recovery, but will make people who paid for tickets feel like an afterthought at a Drag show, one of the few places gender diversity is celebrated. My favourite is "Dearly Beloved", thieved from the heterosexual institution of marriage, but any broad phrase can be used to make your audience feel welcome ("friends") or get a laugh ("perverts").
If you are non-Indigenous and there is an Aboriginal/Torres Strait Islander Artist in your line up, inquire about your Acknowledgement of Country and whether or not they would like to perform it, particularly if you are performing on their Country.
Really get to know the performers you've booked beforehand, and double-check your pronounciation of their names before you go on stage. It can help to ask your performers to write their own introductions for you to read, but getting in the habit of writing your own introductions is a great way to upskill as a host since you should have a reason to have booked these artists. Are they a mainstay, a local legend? Are they up-and-coming and deserve your support? Tell the audience why they will love this artist as much as you do, and knowing your performers will help with this.
Remember that hosting is not a conversation, it is a performance like other facets of Drag. People are expecting you to prepare something worthwhile if you have taken the stage, so ensure your script serves most of the audience. These people have bought tickets (including straight people or newbies to the Drag scene), so if you want to make an obscure reference then be quick with it and move on. If someone heckles you, deal with it and keep the show rolling - if you do not have a sharp wit to put them down immediately, ignore them. If you can turn the interaction into a joke, by all means dress them down but do not belabour the point or you will seem defensive and cruel.
It can be tempting to play at being dictatorial with a microphone in your hand and several artists working in the wings, but keep the same "deal with it and move on" standard for technical hiccups instead of chewing out staff. If your lights/music/producer is a close friend they may be a good sport about a light ribbing, but anything beyond that returns to the sphere of cruel and defensive. Your goal as a host is not to appear personally blameless and fabulous, but to make the show run smoothly. Throwing other people under the bus, especially if you are in a producing role, will make you look ill-tempered, useless and will ruin the magic and majesty of your show.
If you are purely performing as a host, think up some fun anecdotes or jokes before you go on stage. They do not have to have happened to you personally, but be ready to crack them out if you need to stall for time. If you are dual hosting/producing and something goes wrong while you are on stage, announce an intermission instead to give you and your team a chance to investigate.
Part of being a host is not just being on stage, but being in the audience. Not every person must be met and personally welcomed, but prepare to be even more accommodating than usual with people who want to come up and say hello. A smile, gratitude for their attendance, and a light conversation if the time allows for it are all part and parcel of being a host - and this goes for venue staff and third party contracters like DJs and bartenders. If the show is intimate with very few people in attendance (say, less than twenty) greeting each person/group will go a long way in not only making them feel appreciated, but encouraging them to attend your next show.
Unless you are playing the part of a bitchy, lobotomised diva, a smile will always put the audience more at ease than a flat affect and a frown.