To rearrange the formula \( y = mx + b \) using \( x \) as the quantity of interest, the first step should be to isolate \( mx \). The appropriate initial step is:
Subtract \( b \) from both sides of the equation.
So, you would write:
\[ y - b = mx \]
From there, you can further isolate \( x \) by dividing both sides by \( m \).