Starting your own academy would need decent infrastracture to be set up. The location becomes very important in terms of students accessibility, mobility, safety, lesser distractions etc. Pricing is another key element to bear in mind as you are aware of the thriving competetion. You need to firstly identify your target audience for whom you will be coaching. - whether degree students , CPT , IPCC or Final.
If you don't want to take big risk, firstly you can associate yourself with some coaching academy, see their overall model and if it suits you to have your own academy then go for it. But, the biggest asset in coaching is your students. They need to be your spokespersons by sharing their experiences with fellow students and others. thereby giving you that visibility.