First you must research the schools status and tuition. Look into how previous credits will be used if at all, also check with recruiters in the field of study and try to get general opinions about the graduates of your selected school. Be sure to check course availability and prerequisites.
first of all you need land and funds. Next you need good facility and you should try to provide good facalities to your students.You also need to maintain good decorum in the college by refraining students from taking part in bad activities like ragging, drug abuse.
I'm guessing you mean not starting as a student, but actually creating the institution from the ground up. That's a huge undertaking that requires lots of funding, legal understanding, and academic prowess.