Well, besides needing an 01FFL, and possibly a manufacturer's FFL (see atf.gov- depends on how many you make a year) you are going to need some other licenses in order to get THOSE licenses.
ATF will not issue a FFL until you can show you are in compliance with State and Local laws. So.... Do you have a business license? If your home state has a state sales tax, ya got a sales tax ID number? Where are ya gonna do business? Yes, a home based gun business IS possible- how ya fixed for zoning? Will local zoning permit a home-based business- or do you need to get a variance from the zoning commission? How are you fixed for secure storge of guns, etc? BTW, while ATF does not require it, are you going to incorporate? Got business insurance? (If not, and not incorporated, one lawsuit over a sale or CLAIM of a defective product could mean you live in a crappy apartment the rest of your life, and drive a Geo Metro)
Those are things you may want to think about and deal with BEFORE sending in the app for your FFLs. And you may want to consider if there is an established smith in your area that would take on an apprentice- then you work under HIS licenses, and get to pick his brain on setting up the business.
Good luck, bro- we need more smiths out there.