I think you'll need to have a fairly clear idea as to how you are going to actually make money from it and build up a small business plan stating this, showing the costs, etc.
After then you'll be sweet. Put in the hard yards, make the most of our wonderful tax system that benefits those who lose money and I am sure you'll be able to do it. Just be prepared that most new businesses don't make money for the first couple of years.

Go for it!