The moment you finish the first draft is the moment that your heart starts working against you. You love this piece! Why change it? Well, don't, for now.
Give yourself some breathing room, step away from the piece for at least a few days. Let your infatuation with it settle. Once you feel you can read it without being emotional, it's time to let the inner editor out of the box. Be forewarned, they won't be gentle.
I've noticed that a second draft doesn't always mean the first time you've gone back over the piece and made a few changes (i.e., grammar, spelling, etc.). For me, a second draft often turns out to be a full-blown rewrite of the piece. Your heart may have just skipped reading that, but don't worry, everyone is different.
Not every piece will need to be rewritten. How do we know? Well, allow me to ask you a question: after you let the work sit, do you still love every bit of it? If so, it's time to begin the editing phase. Hold on, I thought that's what we just did? Not in the slightest. We'll cover that horror throughout this blog.