Starting a Business
When the economy is down like it has been over the last 2 years, many people start their own businesses as an answer to being laid off or displaced. It has been proven that companies can do very well but it is also a very risky thing to do as most start ups fail with in the first year. So the very first thing you should do is track your money and see if you have enough to live on for several years if you make nothing. The number one reason companies fail is cash flow; that is they take money out of the company to pay personal bills and that squeezes the company dry of assets and money.
That is not to say that your company cannot make it if you don’t have 2 years living expenses but it is saying to use caution if you don’t. One of the things you can do if you don’t have the cash is to sit down and do very conservative yearly projections as to what you will bring in then over estimate your costs and see what you have left over. Divide that by 12 and see if it is enough to live on. If it is, you may have a chance to make it. If not, see if you can pick up a part time job to help with your living expenses and go for it! You will never know if you can do it unless you try. Another great place to get a ton of good information is the Small Business Administration.