Next is what you want to do. e.g. if you're a sign maker, you'll go a different route than if you're making 3D parts.
What bits you need are driven by what you're trying to accomplish. Give some examples of what projects you want to do and we might be able to suggest some tools (and CAM software too)
2. Bits...This one is very confusing to me. I have had some help from another post on this site, but I am still deciding what my first few bits are going to be.