depends on what kind of mood you are going for.
if you choose warm colors like yellows, creams, mauves(soft red), you are going to create a warmer, inviting atmosphere. If you go with blues, greens, and violets, chances are, the space will become calming and tranquil. paint color really does make a huge difference on a person when they walk into the room. My advise is go to a home store and just look at all the colors available and choose ones you like. Bring the color cards home(take a good handful of each color) and tape them to a wall, then go from there