Hi -
Well, I guess the first thing to ask is are you planning on getting licensed or are you going to be doing this one the down low? 
I've been thinking the same. I'm a newbie, or shall I say a rookie. I've done my 1st wedding cake in July, 2nd last month. But I'd like to ramp up as well. My idea was to launch a site. I don't expect many customers, probably a cake a month or every other month. I've been thinking business cards to display alongside my cakes as well.
Vali-
you may be suprised how quick business picks up! i originally thought, oh a cake or two a month would be great, enough to support my hobby. i'm now averaging 6 cakes a month during my busier times. which is great. i also said i wouldn't ever do weddings, and i've done two so far. 
I'd suggest that you look to see what is required to "be legal" in decorating and baking cakes in your state and local requirements.
I'm in California and that would require using an approved and currently inspected commercial kitchen at $15 - $20 per hour or meeting all the requirements yourself as above....
I so far have limited myself to family and friends as gifts including weddings for the kids....
I've done 1 down low and all went ok, but shoot if someone turns you in or says they got food poisoning etc... yikes! Wish the requirements weren't sooo stringint here...
Would love to hear from others in California....
I know you can be certified as a personal chef rather easily and prepare food in their home....but doesn't seem practical for large scale high end cake baking!
I started doing wedding cakes as gifts for the bride and groom. From there I began getting calls "A LOT" to do all sorts of cakes. I would suggest that you have your guidelines regarding no. of cakes per week, what kind of cakes, etc. in mind before you start to advertise. My business is strictly word of mouth and this summer I turned down at least one cake a week! I tell anyone that calls I must have at least 2 weeks notice prior to baking a cake as I have other responsibilities. This works really well and I don't feel badly if I have to turn someone down. Doing wedding cakes for the "paying public" makes me extremely nervous. 
So, in order to preserve my sanity I don't do them. I do my work in my church's kitchen which is licensed for catering and have cleared this with my local health department.
Bethola
Hi and welcome to CC guys! It's important to find out the regulations in your area. Most places require a completely separate kitchen from your living area, etc but there are lots and lots of people on here who sell cakes but keep it a word of mouth type thing. Unless you are legal you don't want to go posting flyers or leaving business cards at say bridal shops, etc. I have cards but they have my name and phone number and that's it. Don't even have cakes or cookies on them. I'm in no position to be legal at this point to I just try to be careful.
Aside from the legal stuff, because getting some things in line ahead of time will be easier before you get too busy baking cakes later. And who wants to do this stuff twice?
Come up with a name - I think you can register a name with your state before going legal. That way, you have your name registered, you can also check to make sure no one else is already using something too similar.
Make up a logo and some business cards. Price sheets. Portfolio book, maybe one on-line too...
I think the only thing I won't do is sheet cakes.... other then that, I am game! Have some postcards printed and start spreading the word... I find bringing some mini cakes to local business (with your cards, of course) is very nice for drumming up business!!
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