Step I : Do background study of the project
Learn about project business objectives / business requirements of the project
Go Through the Project Contract
Talk to sales team who has secured the project
Step II : Learn about key persons (stakeholders) in your client organisation related to project
Identify Stake holders
Prepare Stake holder map / Organisation chart
Prepare Gantt Chart or Time line chart for deliveries or software releases
Step III : Initiate contact with Project champion (key person at client organisation)
Step IV : Engage with stake holders prepare deployment diagram, use case diagram and activity diagram or bpmn diagram.
Congratulations you are now you are ready with the initial business analysis of the project.
Even if you are a new business analyst on the project this will provide you a very good start.