Scroll down for, "Creating my own radio station" by Malfoy. There's a whole heap'n help'n of requirements, license's and equipment to employ just to get started. Which shouts out, "money,money,money.....money". That podcast looks better and better.
I agree that you would need a huge investment to be able to start your own radio station. Again, would you be looking to recoup some amount from the initial investment?