I thought I'd provide a summary to show whats required when running your own web hosting business, feel free to add under this post as people will have different views and ways in regards to running their own business.

1. Research your competitors - A good place to start is your local area and expand outwards. You'll also want to decide what your business will be called and check the domain isn't already taken, although the name doesn't have to be the same it just helps people find your business easier

2. Choose a reliable Reseller/VPS - They is two options where people can start as a reseller which is easier so you dont have to manage your own server or get a basic VPS and upgrade as necessary

3. Your Costs - Think about your costs when starting, this includes a control panel to manage domains such as cPanel. A billing system such as WHMCS and your hosting costs depending on your provider. My advive would be never go for the cheapest provider and resellers that provide a service for £1p/m as the service your going to get is likely to be poor with constant downtime and little or no support.

4. Advertising - They is many ways to advertise depending if you are wanting to pay for advertising or using free alternatives such as forums and social media platforms and directories. Paid advertising ideas would include Google Ad Words or banners on specific web hosting pages for best results.

5. Newsletter - Newsletters are a great way of keeping your customers informed of upcoming events, updates and news. It also gets your audience involved more in what you are doing and keeps them upto date

6. Reviews/Testimonials - In terms of hosting these are priceless, they is many fake hosting providers out there so showing you have many reviews makes your site feel more trusted.

Hope this helps, am sure I have missed several topics but feel free to add as necessary