Yes, seriously think your purchases through! I was in your shoes a few short years ago (2007). Almost same deal, except I purchased an offset shop that was in decline as the owner was looking to retire and shut the doors.
(1) Make sure the used equipment is not going to cost you more than what its worth to keep it running. I learned this the hard way, as most of the equipment here was extremely used and maintained by the former owner. In my experience this means the only fixes made where when something broke. Don't buy equipment that cannot be put directly into production and justify itself.
(2) You'll find that you need more equipment than what you have. For example a damn good folding machine (can't stress this enough, you want good equipment) don't go cheap, if its too good to be true... it probably is.
(3) Make some friends in the industry, other print shops, larger operations etc. I'm not for sure where you at but make sure they are not going to try to steal your customers if you take them a job! I had several friends in the industry and it helps out tremendously when they are slow I kick them jobs mark it up and etc. Also make sure you know a good offset printer, simply some jobs cannot be reproduced on a copier for quality and price.
(4) This one got me, make sure you figure up your real over head, especially with that copier! You need to figure your lease, the clicks, electric, insurance, your time, a profit and like it or not maintenance (I know its in your contract, but your going to have to replace it eventually and some parts are not covered under contracts). Plus don't be surprised when that $200-400 a month turns into $2000 a month.
(5) Do not give stuff a way. Donations are great but your starting up, make them a deal thats reasonable and try for the job, if it doesn't pay don't take it.
(6) Make certain your capable of doing the job, and don't bite off more than you can chew.
(7) Don't get burnt out. Make sure to take some time off and relax, it will help take. Owning your own business and especially printing should be fun, make sure you enjoy what you do.
(8) haha, don't do it for the money. If you think your going to make a fortune, keep in mind that it takes A LOT OF WORK, so money is proportional and don't get disgusted when the bills seem like they keep pouring in.
(9) Find some good vendors for the big stuff and business cards, trade printers are great and it will keep your prices competitive.
(10) Last one for now, pay attention to all of your licenses etc. for where your working at. Make sure your current and try to stay active in your local chambers etc. some of them are expensive but it is usually worth it.
Best of luck, a make sure your family comes first no matter what, D