I do hope that BMI Regional succeeds with its flights from Bristol as I would welcome alternatives to Easyjet but I think history is against them. For myself, I think they need to do the following to be successful.
1. Rename the airline. For all the nostalgia about BMI, the name BMI Regional doesn’t trip off the tongue. Also I would suspect brand recognition is highest in London/SE & East Midlands and not in Bristol (where BMI have never operated) & Aberdeen where its main bases are now. Birmingham is an exception.
2. Buy bigger aircraft. The E145s are not economic with today’s fuel prices without sky high ticket prices. As Swindoneric notes, Easyjet will wipe them out if they choose to compete with BMI Regional.
3. Merge with Eastern Airlines. I am amazed that Aberdeen feels it can have two airlines based there. I suspect there is an informal relationship going on as the BRS-ABZ route used to be Eastern, then the new BMI Regional announced their own flights on this route, and within 6 months Eastern had dropped theirs. As a merged entity, I think they are capable of being a viable full service airline.