How do I reduce the size of a transaction log safetly

I have a database that has never had the transaction log backed up.  Therefore, it is 40GB in size, where the database file is about 750MB.  I've asked our VM guys to increase the size of the drive by 50GB to account for growth in the database file when I backup the transaction log.
My plan is to:
1.  Backup the database to a remote directory (not on the server).
2. Backup the log file to a remote location.
3.  Srink the log file to recover disk space.

Any thoughts or advice? I've been away from SQL Servers for awhile.
Jack SeamanAsked:
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Steve WalesSenior Database AdministratorCommented:
Have a read of this article: http://www.experts-exchange.com/Database/MS-SQL-Server/A_11077-How-to-shrink-a-bloated-log-file.html

It should tell you everything you need to do.

One thing the article doesn't say .. you may need to perform the shrink twice (in order to get past any transactions already in flight when you do it the first time).

Alternatively, if you're not concerned about temporarily breaking your recoverability chain, set to simple recovery mode, following the advice in the article to shrink, set back to FULL recovery mode and IMMEDIATELY take a full backup.

Then, start backing up your logs to stop it happening again.
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