I’ve read various types of novels.
After thinking about various things, I've decided to hold a takoyaki party on Sunday.
There are various species of trolls that live under my bed.
This is the kanji color repeated twice (the 々 character just repeats the kanji before it). When you have colors and colors and colors, you have a lot of variety. That's why this word means various.
The reading for this kanji is just the kun'yomi reading twice. Since you've learned the kun'yomi reading already, you should be able to read this word as well. Nothing tricky about it.