Along with Pro's list, don't forget insurance. If you are going to have a few ultra hi-buck resto and rod projects around, customers cars and parts have to be HEAVILY insured. You will also need some liability insurance for the premisis and for your work on customers cars. As Pro said, it's a whole lot better to do it as a side line until you know you have the income to match the overhead. Been there, done that, got the T-shirt----It ain't cheap !!!!!!