I wouldn't do it. There is an old saying, the quickest way to make a Million is to start an airline with a Billion.
But if I was forced too, I would start with Narrow body aircraft. Sticking to one airframe type i.e. B737 or A320 (keeping the dash numbers the same as well) is a must.
Name wise, depending on the region, I would stick with something that would appeal to the market and have room to grow. Something like Appleet Airlines (NYC, Big Apple) or Winavair (Chicago, Windy City).