Just a few things to think about based on past experiences.

Whether you are new to cycling or not  you will most likely at some point modify your bike.  Before you start making changes,
get yourself a digital camera and take plenty of before pictures.  These pictures can also come in handy should you ever wonder how
something goes back together.  Once you make the first modification you can compare before and after photos to see the final results.
You will never really remember how the bike used to be but how it is now so those pics will come in handy later.  Also, attend rallys,
bike shows etc.. looking at many many bikes to help you decide on a path for your upgrades.  Talk to folks and ask them about
their experiences with particular products or upgrades.  Take pics of other bikes and study them for new ideas.

If engine mods are in your plan you will want to get some dyno numbers before you ever touch the motor.  This is a must since some
aftermarket changes don't always live up to the hype.  This is something I regret to this day as I have no baseline dyno from when my
bike was stock.  Keep your expectations here realistic and remember, it takes money to make horsepower.  Don't turn your bike into
a monster that cannot be ridden more than a few miles before it overheats or runs out of fuel.  Never forget there's no replacement for
displacement and when the nitrous bottle runs dry it's back to reality for you and your engine.  The bike with the cubic inches, blower or turbo
is ultimately going to have its day.  If you're riding a Vmax and you increase cubic inches, add flatslides, blower or turbo you seriously need
to think about fuel range.  The puny 4.8 gallon tank will barely get a stock bike 100 miles before the light comes on.  When I went to flatslides,
my range dropped to 75-80 miles per tank if I rode easy.  Now that the 1500 is in, that would have most likely dropped to 65-70 had I not
had a larger tank built to compensate.

Purchase any specialty tools applicable to your bike which may drastically save time and frustration.  If you try to cut corners you could end up
damaging something on the bike.  Having the right tool is paramount to any job.

Get yourself a good set of calipers whether digital or analog.  These pay for themselves when you start customizing parts and measuring inside/outside
diameters. 

Lastly, don't hesitate to ask questions.. If you don't ask you may never know.  Use the knowledge you gain by learning from other's mistakes.