Paragraph Style question

Create a new Paragraph Style containing a Drop Cap that you will only apply to the first paragraph.

It's possible to base a Paragraph Style on another Paragraph Style. This way any changes made to the base style will also show up in those styles based on it. When editing a Paragraph Style, look for the "Based On" option within the General section. If you have a style selected within the Paragraph Styles panel and you create a new style, that new style will automatically be based on the selected style.

So use your base Paragraph Style to format everything. Then create a second style based on the first, add a Drop Cap and apply it to the first paragraph of text.