This requires FreeBusy Outlook Add-in or Chrome Extension installed.
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Following these steps are for Outlook Application (Desktop or Browser) however process is same for Chrome Extension as well.
1. Click on composing new email or click reply on existing email of a person with whom you want to schedule meeting.
2. Click on FreeBusy Logo icon that says "Suggest New Times" to turn on FreeBusy Add-in
3. Add/edit your participants. You can add your team members here.
4. Click on button that says "Pick Times" (follow the screenshot)
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5. Select a time when you want to schedule the meeting. (follow the screenshot). If your team mate is on FreeBusy you will see common times when you both are available (see screenshot)
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6. Click on "Review" to check that you have selected correct time.
7. Click on "Schedule Meeting".
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Doing this will send meeting invitation directly to the participants.