After 5 years in a non-climate controlled storage shed, the inside of the motor is going to be rusted. Worst case, the rings are rusted to the insides of the cylinders and the motor will have to be completely rebuilt, best case you have some surface rust that will wear off as it runs, but seriously shorted the life of the rings if you start it up dry. Remove the spark plugs, spray some oil into the spark plug holes to lube the cylinders, take off the cover that hides the end of the crankshaft, put a wrench on it, and see if the motor spins. If ti does not, you own a boat anchor that will cost more to fix than it is worth.
If the motor spins with the wrench, drain the engine oil, and remove the clutch side cover. The clutch plates will more likely be stuck together- this usually happens in just a few months. You'll need to separate them, then put the cover back on with a new gasket, as the old one is nice and dried out by now.
Put on a new filter, fill with oil. Drain the brake fluid, flush, and refill with new. The brake lines should be replaced every couple years, so at 7 years old I'd replace them. Oil the chain and sprockets. Make sure the exhaust is not clogged with a mouse nest. remove the intake box cover, replace the air filter, clean out any dead bugs or critter nests.
tires are good for about 5 years before they start to degrade. Your's are in all likelihood original, so they are 7 years old and will have flat spots from the bike sitting. I'd replace them.
Check the brakes for proper operation. The calipers may be frozen or rusted- remove and rebuild if they are sticking at all.
Inspect the chain, lube it well.
The carbs will be dirty at least, and depending on if the bike was properly stored they probably need to come off for a good cleaning. If there was any gas left in the fuel tank it has turned to varnish, so the tank will need to be flushed. The fuel lines should be replaced every few years under normal condition- check them for blisters, dry rot, or cracks, replace it needed or if they seem dirty on the inside. The petcock may be gummed up if there was gas left in the tank, and will need to be removed and cleaned.
If the bike had absolutely no gas in it when stored, dump some carb cleaner in the tank and fill with fresh gas.
Bounce the front end up and down for several minutes. If there is any dampness on the small part of the forks the fork seals are dried out and need to be replaced.
Put in a new fully charged battery. Bike in neutral, clutch pulled in, kill switch to "run", petcock off, plugs still out. Hit the starter button, let the motor spin for a few seconds to work the oil through the rings and lube things up. Plugs back in, choke out, petcock to "on", do not touch the gas. Hit the starter button, hold for 5 seconds, release. Wait 10 seconds, repeat.
Expect lots of smoke when it first fires as it burns off the oil and the rings seal back up. If it does not stop smoking pretty quickly the rings are not sealing. if it smokes right when you start it up each time but not once it is running, the valve seals are dried out and leaking.
If you have done everything I listed above, the bike should be safe to take for a spin.