A heavy clunk is fairly common on the first engagement after a cold start, but it shouldn't be severe after the clutch gets up to temperature. Try this little experiment. After you start the bike, let it idle for a minute and then pull in the clutch, blip the throttle quickly and then let it idle for about five seconds before shifting into first. The blip helps break the clutch discs loose (the clutch tends to drag, especially after a cold start), and once the clutch is disengaged the gears in the trans slow down and eventually stop spinning. It is the spinning gear dogs hitting the stationary mating gear that creates the heavy clunk.
A better primary fluid will help to get the clutch to release properly, as will proper clutch adjustment (or proper bleeding on a hydraulic clutch). I use Mobil 1 Synthetic Auto Trans Fluid in my primary, and I don't even have to blip the throttle to break the clutch plates loose anymore. Pull in the clutch, wait a few seconds for the gears to slow down, and shift into first. Very little or no clunk, depending on how long I wait for the gears to slow down. One note, if you let the gears come to a complete stop you may not be able to shift into first until you start to slip the clutch, depending on where the gear dogs came to rest.
Jerry