1. What is the First Thing I Should Buy?
Well this should be fairly obvious depending on what field you are looking to get into. Whether you are looking to get into photography or videography will greatly decide what you first need to get. The first piece of equipment is Obviously a CAMERA. You will want to pick one for your style of shooting. If you are looking to mainly Photography, than obviously you will want a better DSLR camera like a Canon 60D or Higher (im a Canon Fan "Sorry Nikon Fans"). If you are looking to do more Videography, then you would want to look at a 3CCD Camcorder perhaps.
However there is a fine line In cameras and this decision will affect your whole business later down the road. If you are looking to shoot documentary's or news reports, then you will want a ENG Style camcorder or a 3CCD. If you are shooting shorter, more controlled clips then you might want to look into a DSLR with Video features such as the Canon T2i or Higher. DSLR's have to focused manually (Some DSLR's have auto focus video mode but are not to good yet) and there for take a lot of practice to get right. The biggest draw back on DSLR's are that they can only record 12 minutes at a time and then stop. Some may record longer but not by much. Just simply hit record immediately after and it will begin again.
You will want to look into the specs of a few different camera's before deciding because depending on which camera you purchase, you will want to buy accessories that will help that specific camera type/line and not others. So PLEASE PLEASE PLEASE do your research before buying.
Today i am reviewing the ePhoto Pro Studio Video 4500W Light kit. This specific kit can be found on amazon.com at http://www.amazon.com/gp/product/B005NJIWYY/ref=oh_details_o00_s00_i00 for only $189.99