Congrats on getting ready to take the plunge! It's a very exciting and scary time!!
Since I don't know much about what kind of shop/business you want to be (converted garage? strip mall location? renting comm'l kitchen? full bakery or by appt only cake studio? etc) , the "any tips or pointers" question is pretty broad ranged.
I would suggest you start out by browsing the Business section. There are TONS of threads on this very topic that should give you information overload and actually make you dizzy with info! 
That forum really is a goldmine of info. As you dive into it and gather more questions, bounce back here and we'll all try to help you with some specifics.
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dupl thread ... see add'l responses at http://forum.cakecentral.com/cake-decorating-ftopicp-6178788-.html#6178788
Not sure if I have any specific advice... best wishes to you! I would start out slowly, build up your customers before investing to much into a project.
Jen 
I probably wouldn't start it right now with the economy. (But maybe at a different time) I had lots of orders this time last year, but nothing now. I don't have a cake until March. 
It's getting really frustrating. I usually book every consultation that I have, and the last three people didn't. They all found a friend or someone who could do it way cheaper. Which really agravates me because they are really selling themselves short. I am not trying to knock down your dream, I just know that my home bakery is not even pulling in a part time salary right now. But maybe your area is different? I would probably still want to pursue my dream, like you , so good luck with the start of your business.
I like Mechelle01 have no customers. But my other cake friends do so....
It all depends on what kind of cake business you want. Do you want to do less expensive cakes that are not to hard to make or do you want to do custom cakes that are a little more expensive and not everyone can afford? I think right now you are better off with the less expensive ones. I do the higher end and no one is buying.
Remember too that you will need to take the serve safe class which will cost you over $100 and you will have a health inspector fee which is due right before x-mas no matter what time of the year you started. (mine is $100 a year)
Jen...
Hang on to your day job. I am an accountant by day and work at a bakery Saturdays and Tuesdays night as a cake decorating. I love the creativey at my part time job. The owner also holds a day job as nurse at Kaiser.
We only specalize in organic, raw vegan and vegan wedding cakes so we make 2 or three cakes a month. Less stress.
well since the "recession" the sales at my place have really spiked....so it .....i haven't had a slow week all year till thanksgiving week....good luck, i think you'll do great!
Congratulations!
I was hoping to quit my job next year too, but the way the economy is right now I'm definately hanging on my day job at least for another year.
How about hanging on to the day and doing this part time like on weekends with so much change happening you dont want to be caught unawares-unless you are not necessarily reliant on your cake income for survival. Things are slwing down and come Feb it is expected to worsen. Good luck!
this is my dream too and I can't wait to quit my boring day job...I started the business and do it part time while working 40 hrs per week....it's not easy...i'm actually very busy and I'm not advertising yet...i think it depends on where you live...
My advice is to follow your dreams but take small steps....keep your day job at first then see where things go. Have faith that God will bring you though it....prayer and my DH get me through...it really is tough starting out and working until 1 and 2 in the morning on a cake and the going to work the next day
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