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Budget is the most important thing to get up an running, as far as I'm concerned. The storylines, ect, will work themselves out in time, if the fans like what you're putting out there the first couple of times.
Alienoid's idea about t-shirts is an excellent point, as well as advice.
Also, there really does need to be some kind of hook or catch to get people to come see your event, and it needs to be promoted like hell. After all, if no one knows where you are, they won't come to see it. Maybe in conjunction with some sort of event, or, although I hate to say it, some kind of gimmick. Don't be afraid to use humor.
Also, if you don't get the numbers you want over the first couple of shows, but see a steady increase in fans, you should be just fine. Word of mouth goes a LONG way when it comes to local promotions, even if it's just a guy saying 'Hey guys, let's go check out wrestling...we can get some beers and it'll be a good laugh.'
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