Conjecturing formulas for mathematical induction often involves clever techniques rather than a fixed procedure. Reversing the order of sums and adding them can help in deriving formulas. For geometric series, multiplying the partial sum by the common ratio and using the equation S - rS can yield useful results. While generating functions can provide insights, they require a deeper understanding and patience to explore. Overall, creativity and familiarity with various mathematical tricks are essential in this process.