If you are planning to start a small project, what would be the first step you'd take before you start?

Financing, resources, market and risks. those the main items you should know to take the first step.

There have been many good answers given ... I am only here to vote for the answers I agree with

Since you are asking about the first step, then I think it should be understanding the project itself: what is it all about? What is its input? What is its output? .... etc.

Planning steps to work

Working budget be fully present

Choose an experienced crew to complete the work

Choose a project manager with a good deal with the crew and with the supervision of team

1.-- The  first  step  to do  a feasibility study of the project

2.--- The second step is to find sources of funding

3--- business marketing study for the project

4--- Choose a good location to set up the project

Before Starting any Project, The First Thing/Step is to Check "The Need". Once there is "Need" then other things follow

Study the project proposal which involves, the project location, type of business and its acceptability to the local environment, state/country taxes and permits issues, budget funds and resources, and Return of Investment (ROI) and expected profits.

1- the cost of project ,

2- the time to return the capital.

3- Scope of project.

The first step to start a small feasibility study project in addition to the focus of research in the demand for this project or product presentation in the nearby markets and the possibility of competition for this project and alternative goods

first drafting....then estimating and need to go for procurement (all types) and execution..........