Keep it small, don't worry about a theme or tons of money. He won't get it! Too much can overwhelm a little child, who has no idea what a birthday is anyway. Don't have a zillion kids - just a few relatives or family friends. Get ready for some pictures of his face covered with icing, and opening just a few gifts. Don't overdo the gifts especially if you have guests. The birthday boy may like his first gift and not want to open anything else (thereby hurting the feelings of the others), or he may be uninterested in the first gift (thereby hurting the feelings of the first one)! He's only 1 so don't expect too much. I think people who hire a reptile lady and rent a bounce house and have 25 kids wind up with a big debt and a crying screaming overstimulated frightened 1 year old!
If you like a few decorations just for the pictures, great. But your kid will only care about the candles (cool looking!) and some icing, just get a few cupcakes or an ice cream cake, whatever you think he will enjoy. Balloons are okay as long as nothing pops and scares him and as long as he is watched all the time so he doesn't get into a piece of a broken balloon.
For my son's 1st birthday, we got him a climbing gym from Little Tykes and one other thing. He was thrilled and we took lots of video of him climbing on the gym, plus us singing Happy Birthday and him plunging his fingers into the piece of cake. Great fun, simple, all about him and not all about entertaining a crowd.
In general, I would suggest you keep all your son's parties manageable. We followed the "1 year rule" - which is you get 1 friend for every 1 year of life. Five year birthday = 5 kids. 7 year birthday = 7 kids. They had so much more fun than the big crowds of 20 kids some of the other families had. You can do much more with them and not go broke. And our son learned to open a few gifts and say thank you, rather than put aside 25 gifts until later or (worse) make everyone sit there while he opened 25 gifts and got greedy.
I'd say until your child is 3 or 4, he won't really care about other kids at a party, and the other kids won't understand why he gets presents and they don't. It can get ugly before age 4!
Have fun!