Advice on Powering a 5V NPK Sensor with 18650 Battery and ESP Module

Hello everyone,

I’m currently working on a project that involves using an NPK sensor that operates at 5V, along with an ESP module. For power, I’m planning to use an 18650 battery rated at 3.7V.

I’m wondering about the best way to design the circuit to power for both the NPK sensor and the ESP module. Would it be correct to use a DC-DC step-up converter to boost the 3.7V from the battery to the 5V required by the NPK sensor and the esp?

is it the correct approach?
thanks a lot