Anything worth doing, is worth doing right. Write up a solid business plan, account for hardware, service, support, employees, vacations, illness, backups, alternative solutions, marketing, finances, etc. Put it all down on paper, with how you're going to achieve it, and ask yourself if it's worth it. Running a biz for 18-20 hours a day without any real profit isn't worth it IMHO, growing something though that shows potential for you to really succeed is. I would recommend reading up as much as you can, and learn from other people's mistakes, don't jump into things too quickly, and do the best you can.
Right, first thing I would do, is get a top of the range dedicated server, whether its colocated or not, you need a high spec server to start selling gaming servers, then I would go on to employment. now this is the hardst to do, since not many dedicated staff members can be found in the internet, and they want big salaries, but nothing to do.what I would suggest is to become friends with some people, that are good at this stuff, and then ask them to help you, friends normally help you alittle bit more, so I would do that. then getting a site ready, I wouldn't use ready made templates, since people think thats n00by, so I would get a pro designer on the case. Then most important thing, backups, gaming servers need alot of backup since they could go down at any time.