WHM's Backup Configuration section is one of the most powerful and vital tools for an administrator of multiple sites. It allows you to manage each of your individual cPanel backups separately, giving you the choice of backup cadence (daily, weekly, monthly and manually) and location. Preserving your clients business-critical files, data and site content is of the utmost importance. Work with your clients on implementing a backup schedule and location that is appropriate for their site(s) and make sure they have the peace of mind that their data and site material are safe.
If you are not already familiar with Linux system administration, you will need to devote a great deal of time to familiarizing yourself with all of the applications you're using and the CentOS operating system - you could pay someone else to set up your VPS for you, but that wouldn't help down the road when you need to update software and resolve administrative issues... (if you're not sure, go with a managed service)
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In terms of backups, databases and files, it all depends on the type of setup you choose. If you choose a server with a control panel it will make it effortless but if you want to do it manually, i suggest you take some time to learn how to do it properly, because, one error and you might loose everything you have worked for. My suggestion for a best server setup is a cloud managed cPanel VPS with SSD and good backup tool.
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It provides you with even more options, including root access, access to Apache and PHP.ini (modification of PHP variables), and much more. You can also install an SSL certificate, and all software program types. In short, you get more freedom in terms of administering and configuring your server, without the hassle of managing any physical hardware.