I'm guessing this plant itself is a 2-3 year old cutting; I'd hold off trying to layer anything at this point, and that branch appears too small.. Take it in this order:
1. Turn the tree around and around...From Bottom to Top, where is the best front? What angle hides the appearance of reverse taper between the soil and the first branch? Does this angle also hide the pruning scar toward the top?
2. Once you find the front, mark it with an arrow on the outside of the pot.
3. Identify the branches that are redundant (several emerging from one spot should be reduced to one).
4. Nip the ends of the remaining branches to get the dormant buds to grow; this will provide you with more shoots to work with.
5. As Tom stated, feed it heavily and get it growing strong.
A couple points about boug: they are brittle, so wiring will result in some cracks along the way...go slow if you decide to wire. Pruning scars tend to heal with reluctance; the cambium recedes and rolls over behind the cut, between the bark and the wood. This causes some problems, so you'll want to keep the pruning cut toward the back.
In general, if you're new to bonsai, remember the instinct is always to "limb up" trees, cutting low branches, cutting away branches at the trunk, and you end up with a lollypop, or a poodle look. The goal is just the opposite, and counter-intuitive when you're sitting with scissors in hand. You want to prune things "outside" the profile to encourage growth closer to the trunk.