As noted before, you should derive your class from DrawableGameComponent. Then you should implement
public override void Update(GameTime gameTime)
{
// TODO: Add your update code here
base.Update(gameTime);
}
public override void Draw(GameTime gameTime)
{
// TODO: Add your update code here
base.Draw(gameTime);
}
It's important to create your DrawableGameComponent in its container's (typically your Game1 class) constructor and add to Game.Components in the same place, otherwise your components methods might not get called correctly.
If you manage your components this way, Initialize, Update and Draw will be called automatically by the framework.
The same goes for GameComponents, but obviously without the Draw method.