Upon sign up, your account is immediately active, ready for you to set up your first free campaign: make sure to install your tracking tag as soon as possible, so you can begin collecting visitors. Next, you'll want to create audiences, and lastly, establishing some conversion goals is always a good idea.
And if you're interested in running ads on Facebook, you'll need to connect a Facebook Page. Once approved, you'll be able to create and serve your ads on Facebook too.