Hi, you would need a cricut machine or similar, a decent printer and a computer (you could use your phone but designing stuff is far easier with a computer), plus then the various types of vinyl etc. Personally i would say the market is massively saturated and you will need to sell a lot of labels to make your money back, the most basic cricut is £179 before you even buy your tools, vinyls, transfer tapes, printer. I bought my cricut as a hobbyist, I'm a crafter and make my own cake toppers and then sell the odd label which I think I is common, the profit margins are not high on labels as you're selling such cheap items and thousands of people sell them, plus you can even get packs of the popular labels for bottles and jars etc in home bargains and the like for £1!
If you do decide to do it good luck, it's a great hobby and I've made lovely gifts with mine.