If you make the commitment to start an internet radio station, it will only be worth you while if you plan carefully and commit to the time necessary to run the station efficiently. Otherwise, I wouldn't bother. There are so many radio stations both internet and terrestrial that really don't serve their purpose at all. The operators remain complacent after the station is on the air.
First of all, determine who your audience will be and stick to it. Develop programming that serves the needs of that audience whether it be music or talk. Always stick to the plan.
Once the station is on the air, always look for ways to improve. Keep your programming fresh. Offer new features every now and then. If you're running an internet station, keep a close watch on your audience. You can tell that you are hitting your target by reviewing the listening hours and amount of listeners.
One final note, put in the time necessary even if you have to sacrifice a TV show or two. I consistently spend at least 1 1/2 to two hours programming Edgewater Gold Radio five days a week and that doesn't include the time I spend advertising and promoting on social media. You can add another hour per day for that.
Stay the course and keep with the plan and you will see the results you're looking for!