Lots of techniques, and whatever works is fine.  But, I would say start simple and work up to more complex only if you need it.  More often than not most tracks will sound better with EQ then Compression...it allows the compressor to work on the EQed frequencies.
To start, keeping it simple, I'd just do what you asked about...1) Set the EQ, then add a compressor after, 2) Set the compressor, then add an EQ...see what works, and listen for the differences.  I'll bet EQ then Compressor will work best.