Yeah good luck mate, hope it all goes well. I think you really gotta make sure you're proffessional about it y'know, think about the bigger picture. What style is the label gonna be? How are you gonna get the tracks played out, contracts, promotions, what sites you are gonna use to distribute tracks, your own website maybe? Incoming and outgoing expenditures of above related topics. The list goes on.
I think to make it a reputable label that artists will want to be part of, and of course make a name for itself, while making money for all involved is a big job, and the more you put in the more you'll get out!