I'm looking to open a home based cake decorating business (eventually)and am going to be buying some new stuff. I've only been doing cakes about 2 years and am self taught. What are some things you just can't live without or just some favorite things?? Thanks in advance, you are all so knowledgable and i have learned everything I know from this site.
Rain Drops and Roses, and whiskers and kittens, bright copper kettle, and warm woolen mittens.. 
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not as bad as it could have been. I was doing a small 6" cake, which aren't very heavy and move pretty easily. It wasn't for a client ... youngest daughter was in the mood for cake and I was playing around with some tips I hadn't used for a long time.
Hubby came home about the time I finished it. As he walked thru the kitchen, I gave the table a spin with a "Look at this great cake!" and the sucker went sliding across the turntable, landed on the counter, slid a little bit more and stopped when it crashed (ok..... bumped pretty heavily) into the KA bowl. I was actually glad the KA was there, or I would have been picking cake up off of the floor! (oh who am I kidding? I would have made my DAUGHTER clean it up off of the floor! That's why we have kids, right? 
)
Hubby says, "yeah .... that's REAL nice, honey!"
Another vote for turntables. I actually use a lazy susan I got from IKEA for like $10. It's large enough for the largest cakes and it comes with a non-skid bottom.
I love disposable icing bags.
I also love americolor coloring.
Kitchen aid mixer
magic line pans (I wish ALL of my pans were magic line)
Sugar...craft gun
Ateco fondant workmat
long rolling pin
non-skid shelf liner (as mentioned)
Bench scraper
Wish list:
agbay
edible image printer
Bessie and Bertha. (My two KA mixers) I couldn't imagine life in the kitchen without them! As for decorating stuff, though, I do like the icer tip and a good sturdy turntable. (I just use my hand-me-down wooden lazy susan on top of a 3" cake pan to elevate it. It works great, even for full sheet cakes!)
my list in no particular order...
1. love my kitchen aid!
2. parchment paper... I swear I use it for everything! (if any of you are artsy try using non-permanent markers on parchment - you can blend and almost has a watercolor effect)
3. My beautiful ML pans - I just got them, test run tonight!
Fishing tackle box
4. Ice cube and fridge egg trays (the ones that come with your fridge - for holding drying flowers)
5. Mini level
6. Silicone bead maker - got mine from intotheoven for $20 with 3 sizes of beads
7. My grandmas noodle pin for rolling fondant
8. Thin flexible cutting boards for lifting layers of torted cake
9. Large stackable cooling racks
10. My mini hacksaw- its so cute and is great for cutting dowels
11. Lots of pretty aprons!
12. Wilton baking strips
13. lots of couplers, i seem to lose them so often 
14. But I love love love the kitchen cart my mom bought me for Christmas. I have a large kitchen but it is not well layed out... cant put my kitchen aid on the counter and open a cupboard door, only 1 3 pronged plug, no counter space! etc) I have almost all my cake decorating stuff in the cart. Pans in the closed section, tips etc on the shelves, tackle box on a shelf, small stuff in the drawer (bakings strips) and my KA sits on top. It even has a dish towel rack - which is great because I'm messy! It sits in the back storage room until I need to make something then I wheel it out. The top is stainless steel and so easy to clean. Its small but everything is in one place! And I can move around it in the absence of a turntable. (pic attached)
Wishing wanting list!
SPS systems
airbrush!
I want an AGBAY too! As soon as my lil bro gets out of university i am going to get him to try make me one, simpler with a few set heights.
I need to get myself a turn table maybe I'll head to Ikea tonight. 
Foam roller for Melvira method. and I'll stop at home depot on the way back!
something else I was going to add... even if you dont want to sell the edible image printers I think its a great idea to have one set up in your shop where people can bring you a photo to make the image... could be a very nice profit margin on that! It is something as a home baker I dont think I want to invest in yet but may have the need for one out of the blue.
2 pans of each of 4, 6, 8, 10, 12 inch sizes (not the nesting Wilton ones because the sides are slanted)
9 x 13, 11x15 sheet pans
Ball pan
Doll pan or Pampered Chef Batter Bowl
Icing spatulas
A variety of icing tips
A good rolling pin
Vinyl sheeting (for fondant)
A reversible turntable (rectangular and round)
Ribbon cutter
Flower cutter
pastry cutter
Large serrated knife
Rubber matting
A good mixer
Scale with bowl
Sifter
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