The Buddha needed some (divine) convincing to share what he learned underneath the Bodhi Tree. After reaching enlightenment he wandered to Sārnāth. A group of ascetics saw him there and although the Buddha used to travel with them they did not recognise him at first. They did however feel very much a strong fascination towards the Buddha. The Buddha knew that this group of former companions would be able to understand his teachings directly. The ascetics attained enlightenment almost immediately. And so the first Sangha was born.
The first teaching explained the middle way, staying away from the extremes of self indulgence and self denial. Further more the Buddha explained the Four Noble Truths: There is suffering (Pāli: dukkha), the cause of suffering, the end of suffering and the path to that end. The path to the end of suffering is the Noble Eightfold Path (Right view, intention, speech, action, livelihood, effort, mindfulness and concentration / meditative trance).