I'm thinking of starting an etsy business

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To start any business in the UK, you would need to be at least 18, not 15. If you want to start a business before then, you would likely need to speak to a solicitor about getting a guardian to authorise your business activity.

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There are key organisations to contact: ICO and HMRC. I don't know of others that you would need for ecommerce at the moment, but you might need to speak to other bodies; check with compliance/solicitor. If you want to set up a limited company, it gets more complicated due to your age; speak to a solicitor.

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Be very careful with your product research and do it very thoroughly - guesses don't really cut it, you need stats

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Do your breakeven analysis and factor in margins for error well before you even think about sourcing products

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Try to get in contact with an accountant to help you with a lot of the basics

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The business model is relatively straightforward; what might not be is how you operate a business and manage everything else - it's a steep learning curve

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Try to find a business mentor (ideally in ecommerce) where possible - ideally with a strong track record and a lot of success

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If you find out your product is going to fail, cut your losses quickly; you cannot afford to be attached to any product

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Whilst you can spin any pitch, you can't (or rather you shouldn't) spin numbers. I trust the numbers more than anything else.

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Always try to work with minimal funding, but always do things legally - even if you do earn a lot of money, don't act as if you have all the money in the world; you will burn through a lot of money very quickly with poor management

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Violating laws is taken very seriously - stay compliant. Having said that, if you are competent the law can help you. Same with accounting.

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Business isn't really complicated (I have seen 7-10 year olds master it), but you have a lot to learn and need to be careful

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Business is more than money; if you figure out what it is, you have something going for you

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If you need to learn, learn quickly and keep the costs/mistakes small

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Stay humble; life can turn for the worse at any point, and nothing will always be "gravy" all the time. Having said that, you will have good times as well as bad. Also, you never really know everything; there is always something new to learn - assuming you know everything is a very easy way to get yourself burned very quickly.