You want to do all this before you become a vassal so that you have sources of income and a good nest egg built up beforehand. The money you earn through these activities can then go into enterprises, which will start earning you extra money every week.
You can use the mercenary interval to do quests, sack villages, and fight alongside your Allied faction during war to build your renown. The mercenary contract will probably last a month, and you can renew at the end of that month. Go mercenary first, you'll start getting paid immediately and that will enable you to recruit a larger warband since the faction who is paying your contract will handle your army's wages.
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