First of all find some members - people you know, people you'd like to have in the team. You'll need to consider what you want you're team to be like, whether it's racing, rallying, drifting (at least at first), and whether you'll want league participation from your members or just fun racing, or both.
Then I'd make a quick skin (not just some logos on the default skins) to give your team an identity, and perhaps if you're clever a little website to showcase it.
Once it's established you can then register it on LFSW, but don't do that until you know it's gonna last more than a week or two.
Good luck.
The other option is to join an existing team that has similar ideals to you, as there are millions of teams nowadays, ranging from alien to pointlessly slow, in all catagories.