Write a business plan. Websites, such a Bplan.com, offer resources that will help you develop a business plan for your station. This plan details your station's brand and business goals and is often vital for receiving sponsorships and investments. Determine if your FM station will be a low frequency (local) or high frequency (commercial) radio station. Keep in mind that the equipment needed to operate a high frequency station is more expensive than a low frequency station. Accurate information is important because your investors will need to see how much the project will cost to complete.
Sign up for a Tax ID, or a Federal Employer Identification Number (EIN), before operating through the IRS website (See Resources below.) Keep in mind that your station will have to pay taxes and royalty fees and the proper identification must be provided to the IRS and ASCAP.
Contact the Federal Communications Council (FCC) to obtain a broadcasting license. Regulatory fees vary for each type of radio station and per year. The FCC website details the fees for obtaining the necessary license for your radio station.
Contact your state's broadcasting association. This department is responsible for assigning your station's frequency. Keep in mind that having the correct frequency is vital because the wrong one can interfere with emergency radio frequencies.
Purchase the right equipment. Every radio station has different equipment but all have a radio antenna. The type of antenna you have dictates your station's broadcasting range. Companies, such as Ramsey Electronics, offer broadcasting equipment for stations of all sizes and budgets.
Purchase a radio music license from ASCAP. This is a music licensing company that allows radio stations to access their library of music, including contemporary Christian and Gospel music. Artists who have their music aired receive royalty payments.