Well, it's quite simple, and fun actually. Have you thought of a domain name? Have you done your research well enough as in pricing information, marketing ideas, etc?
On the technical side, how fast is your line of where you have the static ip. Sometimes, having 1 static ip will not be enough, as you might run into an issue where you need to setup multiple nameservers, DNS, etc.
My best advice is to get a dedicated server, design a nice layout, figure out an appropriate pricing structure, setup a merchant account, and go from there.
But if you or anybody reading this thread are planning to run your very first dedicated server off a DSL/CABLE line at home; I would advice you to think again, maybe not twice, but a few times.
Please do not hesitate to contact me if you need any further assistance.