Getting rainbows to breed is the easy part. As long as you feed them a good diet and keep their water clean they should breed every day. You need to condition them with a varied diet. With mine, I fed spirulina flakes as a staple, mosquito larvae during the summer when I can collect them, cooked shelled peas, a little bloodworms and frozen spirulina gut loaded brine shrimp. The important thing here is the staple. It's vegetable based and has lots of protein for getting the females to produce eggs. The live and frozen food are for simulating enviornmental breeding conditions. One more thing that should be noted: temperature is important. Bows like a little cooler water than most other tropical fish. You want to be between 72 and 77 degrees F (22C to 25C.) If they are too warm or cold they won't produce many eggs.
Once the eggs have been collected, move them to a separate hatching tank with mature sponge filter (I find a 10 gallon does well) kept at 82 degrees F (28C) for the first 4 weeks. It takes the eggs about 7 days to hatch and once the fry are free swimming they need to be fed. I start out with Hikari First Bites powdered fry food for the first 3 days along with a mass of java moss. After 3 days I feed vinegar eels and the powdered fry food until they are large enough to eat baby brine shrimp (BBS.) Once they reach this stage it gets easier. You don't want to change the water for the first 3 to 4 weeks so It's important not to overfeed. If you get some food on the bottom, it will certainly spoil and foul the water. A handy trick I learned was to get a piece of rigid airline tubing and attach a piece of regular flexible tubing to it. You then take this siphon to clean the bottom without removing a lot of water and without sucking up any fry. After 4 weeks, gradually drop the temperature to 77 degrees F over the course of several days. With the sponge filter, you want to set it pretty low for the first few weeks, maybe a bubble every second or so. After the fry are growing well you can turn it up to full without harming anything. Also, you want to keep the light on for 24 hours a day until they are eating BBS. This does 2 things. Firstly it will allow algae to grow and the fry can eat all the rotifers and other natural micro foods. Secondly, this allows the fry to search for food 24 hours a day ensuring maximum growth. You are going to want to feed them 5 to 6 times a day for the first month.
I think that's it in a nutshell. I have had great success with this method and of course different people do it different ways.
Any more questions? I would be happy to answer them.