Ahhhh , now the real fun and satisfaction begins!
As a very new and still learning hobby machinist, here is my advice.
Practice as much as you can, I can do things on the lathe now that I initially had trouble doing.
Make your own high speed steel tool bits to learn about cutter geometry. The only carbide tip tools I have are two parting blades.
Start collecting various bit of stock so when you have an idea for something you are not stuck waiting on an order for material or for the local supplier to open Monday morning.
Start saving for a mini mill to go with that lathe, you're going to want it pretty soon!
Jim