To start a Company you should be financially sound. Unless you cannot suceed with that organization.
Starting a company is not a game. So you should think twice. Well planned is half done.
More than that you should have adequate projects. Some people think that we can grab projects after launching a company. But that practice is not good.
You should have required projects before you go for establishing an establishment.
You should also register the company.
Another factor is the required employees. Interview and select talented candidates only, as they are the first batch to work for you and for the development of your institution.