How do I create an Ethereum name service?

Could you please elaborate on the steps involved in creating an Ethereum Name Service (ENS)? As a crypto enthusiast, I'm keen on understanding the process to ensure a smooth and secure setup. Firstly, would I need to have an Ethereum wallet with sufficient funds to cover the transaction costs? Secondly, what are the key steps in registering a domain name through ENS? Are there any specific requirements or restrictions I should be aware of? Additionally, could you highlight any best practices or tips to ensure a secure and reliable ENS domain? Your guidance would be greatly appreciated in navigating this process.