Inspect your guitar for chips and nicks. Often, if you’ve scratched or chipped your guitar finish, the damage will only reach as deep as the clear coat. Perspiration, dust or hand grime have probably collected in the chipped area. Clean the affected area with rubbing alcohol or naptha, and allow the area to thoroughly dry.
Choose paint slightly lighter in colour than the shade of your guitar. Simply add a drop of this paint to the chip, and allow it to dry. If the colour does not match, add an additional drop of paint that is one shade darker. Once you get a good match, continue with the rest of Step 2 to add a clear coat and polish.
Consider refinishing the entire guitar if the chipped area is very large, or if the chip has removed paint from a difficult area, such as the sunburst pattern of a guitar. Be sure to wear safety goggles and gloves when working with stripping solvents. The benefit of this method is that you're able to choose an entirely new finish for you guitar as you see fit.