Yep,
Buy good, but cheap gear and put all your funds in to good training and getting some tourney experience. Chances of picking up sponsorship early on are virtually zero, though it is worth contacting companies to see what they can do for you in terms of support in return for your loyalty and continued custom.
Custom Jerseys are a waste of money for new teams. Look at 2005 or 2006 ranges of clothing for bargains and spend the money you save on paint for training.
If you want to know how to train properly, do some research, ask questions, go to training venues where Pro players hang out (D7s and NQ are good bets) and learn from what they do. Better still, get yourselves along to a Robbo or Twizz or Pro Team training day.
Good luck and stick with it. Can be hard at times, but the rewards of having a team full of mates who are really committed to the sport and their team are many!