Here I will write down the steps for creating projects for SPFX solutions. The prerequisites - Node, Yo and spfx-fast-serve are already installed.

Step 1

yo @microsoft/sharepoint

Choose React in options.

Step 2

spfx-fast-serve

It will update the SPFX solution, so hot reload works really faster.

The term 'spfx-fast-serve' is not recognized as a name of a cmdlet, function, script file, or executable program, it means that at first you need to install this package globally.

npm install spfx-fast-serve -g

Step 3

npm install @pnp/sp @pnp/graph --save

This will add PnP functions to communicate with SharePoint API.

The prerequisites are:

• Node JS v.18.20.4 (LTS)
• Yo (Yeoman)
• SPFx Fast Serve Tool