In my mind, this would be the perfect scenario:
1) Don't do it yourself, unless you have the experience and can put in 90+ hours a week. Even if you do know how, you'll be better off focusing on the business and not coding bugs.
2) Hire smart, ambitious, college students who have experience in designing an e-commerce site. Try to get a co-op deal where they get college credit instead of pay, or pay them dirt cheap. If you plan on selling items off the web site, see if you can arrange a deal whereby the site developers get x% of all internet deals as part or all of their pay. Gives them incentive to build a great site that gets results. Talk to local college professors/department heads for student/internship recommendations. Formalize it as much as possible/practical so that they take it as a serious commitment/job. Get a 3 or more person team assigned so that your internet business is not dependent on any one person. The pre-packaged e-commerce software packages are outrageously expensive for a small business, so perhaps your college team has access to academic licensing that could be used for your business.
3) Hosting facilities/costs/services range the gamut depending on scalability (very low in your case), security (credit cards, customer info need high security), redundancy/fault tolerance/availability (low in your case), and software/server requirements (dependent on e-commerce architecture/design). CC processing can be handled by 3rd party hosting/processing that relieves you of a lot of risk/liability.
4) As part of your college team, try and get someone dedicated as the project lead who can help direct team members to focus on certain tasks and work with you on coordinating requirements, specs, implementation plan, etc.
I know it sounds like a lot, but an effective e-commerce site is not a small undertaking!
Good Luck!