The home page is perhaps the most important page of your website. It is what draws your reader in, and it can just as easily push the reader out. Make the homepage interesting, but don't put too much information on the page. As you land on the home page, the top third of the page is what they will see first. Your home page should be clean and easy to navigate, with the most important content and images in this top third of the page.
Think about any images that you will use on the home page. They should be high resolution, but don't overdo. Again, the home page should be clean and uncluttered.
The nice thing about using themes in creating your site is that they will come with color suggestions. Although you can make some changes, trust the template to use the right colors, or change the theme to colors you prefer.
You do want this home page to be somewhat dynamic, meaning that content will be updated on a regular basis. Keep the text fresh and up to date. Just remember to keep it simple, fresh and easy on the eyes.