What should developers consider before moving a project from shared hosting to a VPS?

I’m currently learning about VPS hosting and trying to understand when it actually makes sense to move a project from shared hosting to a VPS.

From what I’ve learned so far, things like CPU, RAM, storage, server management, security, and expected traffic seem important. But I’m still not sure which factors should be considered first.

For developers who have made this move before, what would you recommend checking before switching to a VPS? Are there any common mistakes beginners should avoid?