Usually what you want immediately after the Great Lighthouse is to set up an offshore city. Even that one tile island to the north is fine and will give a massive trade route boost to 4 (?) of your cities.Things are going quite well! Got 5 cities, all (except Bjergvin) have Barracks, Monuments and Granaries (the ones that have acess to seafood also have trading posts). Fog busting is coming along nicely, Archers for happiness, Open Borders with everyone and Clams for Sheep with Saladin. Waiting on Horseback Riding, in the meantime - Catapults.
If there's time you might sail around it and check if there's a better island behind it, otherwise just settle on that one and observe your empire's bpt upon settling