Oldies, you may be on to something! $40K will get you about 45 days of operating expenses, if you really, really run a tight ship. The average small town spot may be $10 if you can get that much. Of course this means you just stepped into a fully operational radio station that had all the equipment and transmitter just ready to go! IF not, add a couple of years of FCC hang ups or figure you will pay $400k to several million for the station. You might be able to find a bank to loan it to you, but the SBA probably won't because of their red tape and radio stations are not good assets for banks, so you may have to raise it yourself with partners that will probably need to understand they may not get paid back usually for a while, if ever. It usually takes a couple of years to break-even, so I think you would need about $400,000 minimum to get you through the rough start up time. Of course the format would be an interesting sell, because advertisers in small towns can easily monitor their returns and your growth. You would probably be competing with two or more stations that would already have the popular formats. You could pay some talent to VT for you and keep your payroll to a minimum, though. Maybe have one live morning host. You may not really need a general manager or sales manager, so you could do that for free. Then just have a couple of sales people pounding the streets, while you programmed everything, produced and added the commercials, VTing, did traffic, added all the new music, created all of the giveaways, remotes, advertising, customer relations work, maybe even fixed the equipment. You would need to spend a lot of time looking for new sales people, because the turnover might be tough, but the payroll would be less that way and so would all of the bill writing and paying. You might need to win at least $500,000 or more. Plus about $25,000 for gin or vodka. I am not sure you would get much free time to listen to your station, but it would be fun!