By Duncan Walker BBC News Online Magazine

Each year hundreds of thousands of planes fly in and out of the UK, fulfilling holidaymakers' dreams and keeping the business world moving.

Most passengers enjoy the glamour of flying, yet get no closer to the business side of the industry than wondering who fits the meals into their little plastic trays.

But analysts Aviation Economics suggest you too could be flying people to their destination for start up costs of as little as �5.5m ($10m). Others say that even that figure is a little high.

It means there has never been such great competition for passengers, particularly in the low-cost market, where there are now about 50 carriers operating in Europe.

Duo recently went out of business, Easyjet said profits would be lower than expected, and Ryanair's Michael O'Leary warned of "a ferocious bloodbath among no-frills carriers".

But there are many who believe there are still new routes to be found and plenty of opportunities for the budding Stelios who dream of an airline carrying his or her own colours.

Ready for take-off

One of the first challenges is to get hold of a plane or two.

As any car owner will tell you, the bargains are to be found in the secondhand market - and when it comes to planes, there are plenty of good deals to be had.

It's a great industry and one of the things you will find is that your staff are easy to manage because they're committed and motivated Malcolm Naylor

"One of the mistakes airlines make is over-ordering planes every time things are going well. They forget the industry is cyclical," says Alasdair Whyte, editor of Airfinance Journal.

It means there's a glut of used planes available, with large numbers in aviation "car parks" in the Arizona Desert.

Their owners - often banks - are keen for people to be using them, if only to avoid paying for storage, insurance and maintenance themselves, Mr Whyte says.

"You could possibly get one for free or, if not, you could lease one for an hourly rate."

Removing all traces of the previous owners and customising the planes with your own brand will cost around �100,000 a time.

London-based Aviation Economics, the firm behind the �5.5m figure, says those unable to find free planes may find it surprisingly easy to lease them from big firms such as Gecas and GATX.

It recommends renting four or five aircraft. "Most airlines will lease aircraft and will usually need to make three months deposit. That would account for about two-and-a-bit million dollars," says managing director Tim Coombs.

Smaller airports

Having got hold of a plane, the next thing to do is to have a good think about where you will be flying from, and where it is you're going.

"If you want to start up an airline you can't just go to Paris, Amsterdam or Frankfurt and so on, as they're all full," says Malcolm Naylor, managing director of Air Southwest.

Flight staff are easy to find

Mr Naylor, who uses airports including Bristol, Plymouth and Newquay, suggests the way forward is to look for routes which link smaller airports - especially those which may be popular with local business people and holidaymakers.

It's no coincidence that many small airlines use regional airports, with Jet2.Com based at Leeds-Bradford and Flyglobespan.com at Glasgow and Edinburgh.

Among the many regional airports with space is Southampton, which says there is demand among local businesses for as-yet-unavailable routes into Germany and Scandinavia.

While there's no charge for being added to an airport's schedule, there are take-off and landing fees which depend on the size of the plane, for maintenance staff and for baggage handling.

Basic salary

Another major cost will be staffing, but with the increased competition sparked by the proliferation of low-cost airlines, some bigger carriers have decided to lay-off staff. As a result there are now pilots, engineers and cabin crew looking for work - and wages are not especially high.

The secret of success today is not to do it in the first place - Europe has too many low-cost airlines at the moment Aviation Economics

One Easyjet cabin crew member says he gets a basic salary of about �11,000 a year, which edges towards �20,000 after commission and bonuses. A pilot could expect about �70,000, he suggests.

Easyjet keeps costs down by getting staff to pay for their own uniforms, but it makes up for that with a monthly clothing allowance, regular parties and discount travel for staff.

"I'm happy, the pay is reasonable, the people are really, really nice and it's very sociable - especially for people who have moved away from home for the first time," the Easyjet worker says.

Malcolm Naylor agrees. "It's a great industry and one of the things you will find is that your staff are easy to manage because they're committed and motivated."

The operating systems airlines use for managing websites and ticket sales are also readily available, and because they are available off the shelf they have never been cheaper.

"The internet is the key," says Mr Naylor. "You can now get through to the public so much more easily and stimulate demand without the need for travel agents."

Drudge work

Despite the enthusiasm for new airlines, it is their success which has also been the downfall of some.

When Easyjet issued its profits warning last week, its chief executive Ray Webster said pricing by many airlines continued to be "unprofitable and unrealistic".

And Aviation Economics says: "The secret of success today is not to do it in the first place - Europe has too many low-cost airlines at the moment."

The Civil Aviation Authority, the body which grants permission to fly, says many would-be airlines come to it with a proposal, but never get as far as actually applying for licences when they discover just how rigorous the procedure is.

But for those with the right combination of luck, foresight, bravado and the willingness to accept it won't be an easy life it could still all be worth it.