I would start by getting to know your pond. The first thing I did was map it out. Google maps has a measurement tool that will allow you to get the size of the pond (dam length, perimeter distances, surface area). Then you will want to know how deep it is. A small boat or raft is handy along with a piece of string, a weight, and knots every foot, but it can be done with a pair of swimming trunks (or not!). You want to "map it" so to speak by getting as many depths as you can in an organized fashion so that you can estimate how quickly the banks drop off to the deepest part. This will help you estimate it's average depth. This information will be important when exploring aeration system designs.
It is also good to determine what size of watershed it has. Topo maps are handy (Thanks Brettski for the follwoing link!)...
https://viewer.nationalmap.gov/advanced-viewer/Next, what is living in it? Plant identification, fish presence, forage species like frogs, minnows, crawdads, etc. Fish it, trap it, net it, etc.
Water chemistry is also interesting to get into...PH, Nitrates, phosphates, ammonia, etc.
The list goes on and on, but you can do nothing, which is a very common approach, or you can do ALOT. It depends on your hobby interests.
After you learn what you have purchased, the next big step is figuring out what you goals are for the BOW. Casual fishing, growing big fish, swimming, gardening, etc.
Define what exists, determine what you want it to be, then live and breath at the PondBoss forums to get what you there.