This is more about how to start an online talk show. But then you have to ask yourself what is the difference between a radio show and a podcast? Most people look to podcasts if they are on an iphone. Starting a radio station on the internet you quickly get lost in the shuffle. Like anything else it’s always about marketing and getting your name out there.
Here is a great little setup that the guys from radio.co recommend. You could do this with less equipment. You could also probably automate things more. But it’s still interesting to look at doing things the old way with modern technology. They have some nice packages and the prices aren’t that outrageous if you need a place to stream from on the internet.