Sometimes the unloading valve sticks. I have one that when I first crank it up it wont lift but in a few minutes I can rev the engine a little and it works fine. make sure you have flow at the pump port by cracking the port plug some.
 
As said, bleeding the pump is an easy, free, first step.
After that, chain the lift arms down and measure pressure at
the port under the seat. Do you have good pressure there?
 
There is a pipe plug in the top of the pump at the front end of it.
One way is to start the tractor and loosen the plug to "burp" air out.

A better way is to take the plug out, put in a barbed fitting with
a clear hose attached, run that hose back to the hydraulic sump
through where the filler cap goes, obviously cap removed, then
start the tractor and let it recirculate until you no longer see air
bubbles going through that clear hose.
 

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