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First off you need to look for an area not already covered, come up with what cars are carered for and STICK to that formula, make sure you can get a decent grid so that you dont get into the position of having to accept any entry that comes along!
Get in touch with MSVr (Dave Willey) and check on circuit hire costing, budget for around 20k for this allowing for unseen costs.You could try Donington as a comparison.
Believe me, the groundwork takes time, lots of phone calls etc etc.Whilst I understand your passion, think again about it, circuit visits for meetings costs of fuel, phone calls cost postage costs.In short, nice idea but seriously think about doing it ,really hard!
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