Remain on board your vessel to the extent possible before you get into a life raft. The goal here is to ensure that you buy as much time as possible, and use the life raft as an emergency backup. The extra time can be used to gather more supplies or operationalize your emergency plan.
Step 2 - Carry what you can
Get in the life raft, and take whatever provisions you can carry with you, including your emergency kit, emergency food, and water filtration systems.
Step 3 - Protect yourself from the elements.
If you are in an icy water climate, try to stay warm. It's more likely you'll die from hypothermia before drowning, going hungry or anything else. So, try to put on dry outfits and remain out of the water. Delay your exposure to saltwater for as long as possible as it can harm your skin and cause sores. Remain inside the life raft for as long as possible. Present-day life rafts have overhang shelters, which shield evacuees from the sun, wind, and rain. If the overhang shelter is missing or broken, wear a cap, long sleeves, and jeans/trousers to shield yourself from the sun.
Step 4 - Learn to fish.
Learn to fish and find food. If your life raft has been drifting for a little while, ocean growth will shape on its underside and fish will generally assemble in the shade under you. As with most life rafts, they should include angling snares in their emergency kits, use them to snare and eat the fish raw. If no snare is accessible, you can mold one utilizing wire or even shards of aluminum from a pop can.
Step 5 - Search for land.
If you see land, try to get to it. But be careful not to overdo it, you'll need your energy. Most life boats should include small oars so don't exhaust yourself.
Step 6 - Signal for help
If you see a plane or another boat or ship, flag them down using whatever you can. You can use a mirror, flashlight (at night of course), spoon, really anything that reflects sunlight.