Here is what I learned:
1. Do NOT use a cake mix cake. The cake wasn't quite as strong as I would have liked. Next time I will use a wedding cake recipe or something a little more sturdy.
2. Don't roll the fondant too thin. I was trying to make sure I had enough to cover the whole cake and ended up making it a little thin.
3. Wear gloves when coloring fondant. It's not possible to not get food coloring on your fingers when kneading it into fondant. I even somehow managed to get it on my knees...
That's about it! It wasn't that difficult and only took me about 2 hours (including cake making/baking time) which I thought was pretty good for my first time! :)