Setting up plans to resell shoutcast or just stream your own? Many companies offers shoutcast streams with their own control panel such as Cast Control or WHMSonic. Setting up your stream will depend on what control panel they use and what software you stream with. You can use Sams Broadcaster or Winamp with the Shoutcast plugin.
I've started my own radio one years ago, with a vps (unmetered bandwith, important!!) and shoutcast!It's pretty simple to set up if it is only for you, the shoutcast site contains the tutorial. You have to uoload the shoutcast server on your server, set up the configuration file (it's very well commented, hard to make mistakes), and then if you use windows the best is sam broadcaster!Remember that you must keep the pc where is sam broadcaster always on, to have a 24h radio!Or you can upload the mp3 and a playlist to the server and with shoutcast it plays it automatically. I hope i helped you!
If you use their control panel it's simple..Upload your music and play!when you want to live braoadcast use sam broadcaster (the best for win) there's another one for mac but i don't remember the name , connect to the host and broadcast!
The common mistake? Talk too much , too much lag and down of the service!