Yes, you need to do a factory reset. There's a small recessed button on the back of the player. use a pin an press that button for a minimum of 30 seconds while it's powered up. Not one second less. Then you can set it up as if it were a brand new player. There's also a factory reset function in the Settings/System menu.
However, I have to warn you that the Roku 1 (model 2710) is almost 8 years old. Many newer channels will not work or even install on that old of a player. The 2710 is still supported by Roku with OS updates, but that player is pretty low on performance compared to later players.
Dan
Roku Stick (3600), Ultra (4640), Ultra (4670), Ultra (4800), Premiere (3920), Insignia 720p Roku TV, Sharp 4K Roku TV, Nvidia Shield, Windows 10 Pro x64 running Serviio and Plex on a wired Gigabit network.