I have my own webhosting company but I've not gone live just yet, just tweaking a few things. I would find a reseller instead of using VPS and what not if your new to this type of thing. Check out sites like
www.findmyhosting.com,
www.hostreview.com,
www.thehostplanet.com and weigh up all the pros and cons as well.
Before you start you definitely need a business plan otherwise you will fail. Some things you will need to figure out.
1. How am I going to fund my new business venture?
2. How much money am I going to set a side for advertising?
3. How much money am I going to sell my packages for, and can I afford to sell them for xxx?
4. Do I have enough time to run my business on my own?
5. Can I afford to employ people?
6. Why should people choose me and not someone else?
7. Who are my target market?
8. How much money will I expect to make per month?
9. How will potential clients pay me for hosting?
10. Do I know enough about the technical side of things to provide my clients with support? If no, what can I do about this?
These are a few things you will need to think of.