How to start a white label business?

Hello there, I'm curious about starting a white label business in the world of cryptocurrency and finance. Could you please elaborate on the steps one needs to take to embark on this journey? What are the key considerations when choosing a niche or product to white label? How important is building a strong brand identity and what strategies should I adopt to achieve this? Additionally, could you share some insights on managing relationships with suppliers and ensuring quality control in a white label business model? I'm eager to learn more about the potential challenges and how to overcome them to ensure success in this endeavor.