I have a character in mind, and i would like to start up a faction it would command. What i want to ask is what is the process i have to go through IC and OOC to start up a faction?

Starting a faction on EfU is easy as that- start recruiting IC, and get cracking. That said, you will recieve no NPC support or Real Estate unless it is worked for and achieved IG. You won't have NPCs suddenly flooding to your cause.

As a rule of thumb, just work things on the IC front and contact a DM OOC with your more in depth plans if they go well.