Well, I'd call it a colony. Untill you know exactly what you are breeding for, you might want to remove the buck. Otherwise you may end up with lots and lots of bunnies and no real plan. Whether you breed for meat, pets or fur (or any combination of the three), it really depends on you and what you want to achieve with your rabbits.
You sound like a very interested and caring rabbit person and that is a good start! I can offer a few ideas. I wouldn't be surprised if you probably have done them all, but I'll mention them just in case something might be helpful.
Pets - Check around and see if there's actually a market. If you have a shelter nearby go see what their rabbit situation is and why the rabbits end up there. That way you can take measures to make sure your sold rabbits don't end up there. I don't sell pet rabbits because the shelter here offers a vet checked, temperment-tested spayed/neutered bunny for $30.00. I can't beat that deal! Do you have a pet breeder anywhere around that you can talk to and get some tips? There's the whole issue of responsible breeders and pet millers, exploring that will help you decide whether the pet market is for you or not.
Meat/Fur. Have you eaten rabbit, has your family? Are you going to do your own butchering and dressing or are there other family members helping you with your rabbit project? Do you know people who would be interested in buying rabbit from you? Do you know the rules and regs for selling rabbit meat in your area or are you planning to sell "farmgate' style? Do you know a meat breeder near you who could offer advice and tips. Perhaps they could help you with your first butcherings and dressings if you've never done it before.
These are just a few things that may help you decide what your goals are for your rabbits. You say you are a beginner but it's not really clear from your post how rabbit-experienced you are or how much research you have done. (I would imagine you've done a great deal) A good book for beginners, IMHO, is Bob Bennet's book on raising meat rabbits, I'd suggest it. It's a good guide to get started. I don't follow all his suggestions, especially about medicating, but the book was indispensible when I started rabbits.
Good Luck and let us know how it is going.
Marian