Make sure you will have enough time to get the shot off. Any blocked or partially blocked shot will result in the opposition going the other way on a breakaway or odd-man situation. The ideal shot is about 5 inches off the ice.
Low shots are harder for goalies to see and block and are best for tip-ins and deflections.
Too many young players shoot the puck too high from the point. Look for teammates camped near the side of the net. A good fake shot and pass to that teammate will usually find the goalie out of position. When taking a shot from the point, try to just get the puck on net with a simple wrist or snap shot. This will help with the chances of getting the puck on net or tipped.