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I own an espresso cart manufacturing business, it's based from my residence and I do alot of production and am at the top of my field.  A large part of it is business consulting since my target clientele are also business owners.

I run into alot of people that want to start their own operation and have not a clue as to where to start, others look at everything entailed to start one and make it lucrative and are overwhelmed about it all so continue to put it off.  The biggest thing I hear from them is how they don't like their job, or they aren't making enough money, or a myriad of different reasons they are dissasatified.

I'd like this thread to be about generating ideas and to help those that are not only wanting to get started, also to help those that already have an operation and need a helping hand.  I have alot of ideas and practical advice in this regard, I'll outline some of the things I usually ask and discuss with people, I hope you find this helpful. 

Things to ask yourself:

What are your current interests?
What can you do in that field of interest that can generate income?
Have you researched different fields seeking new interests?
Are you willing to put in very long hours without pay to get it established?
How much seed money do you have?
What are your short and long term goals?
Why specifically do you want to be self employed?

Some common mistakes people make:

They do not create a proper business plan, or they fail to include key elements within it.
They quit their day job and rely entirely off of their business from the beginning.
Their nitch is too small and they do not diversify.
They are in it entirely for financial purposes alone.
They think it's going to be easier to work for themselves then working for someone else.
They start out too large.
They don't know their target demographic.
They have no expeirence in managment.
They are not self motivated.
They fail to reinvest their profits back into the company.

Some of the advantages, once you get past the hurdles and it's functioning in a lucrative, constructive manner:

You set your own schedule
You take time off when you need it.
You are able to control how it functions and you call the shots.
You are able to keep it scaled to any level you desire.
You can be creative without facing scrutiny from a chain of command.
You choose who you do business with, who you hire, and are able to delegate responsiblity accordingly.
You are doing what you like to do for a living.

One of the mistakes I made with mine was letting clients walk all over me, they would take advantage of my good nature and exploit it to no end.  I had a guy call a couple weeks ago, he wanted to talk business, he obviously had capitol and it could have turned into a rather large account.  My instincts override the fiscal incentive, 50 cart orders from a client that was impatient and demanding is not what I'm in this for, so I let them go.  Once I decided that I no longer was going to deal with, what in the business world is called "chislers" things really started to turn around for me.  At first though, I think it was necessary to put up with those types in order to build up my portfolio, I call it the breaking in period, it's necessary some times to have to take that route in order to simply get established and to build a reputation for yourself.  Now, all of my clientele are simply awsome, I could not ask for better people to work with.

Also, in case any of you were wondering, I did make Jesus as my business partner, going that route, it's been nice to have a mirical happen from time to time, especially when I need it most, so is highly reccomended.

Anyway, let me know if any of this peaks your interest, anybody that want's to be self employed in any field can, I'll help you whereever I can and offer a helping hand.

Take care, Brian

Very good advice, Brian.  I'm sure there are many who will benefit from your knowledge.  I'm going to show your post to my hubby, who is working on a business venture, yet hasn't jumped into the water fully yet.

MAYBE II WAS THINKING ALONG LINE SAME?

YES.. B UT TIS GOOD   

Thanks for bringing this up from the dead Big Fairy. I'll have to read and digest.

I would never say this advice isn't good, 'coz it is but... if I had taken all this into account I wouldn't be in business. I didn't have a choice. It was that or the unemployment line [I don't handle that at all well].

I'm not that kind of thinker, anyway. I kind of think, "Hey, that's cool, I think I'll do that."

You have to understand that I work below my potential [I could be making more money], but I don't want to be that busy.

Recently we were discussing tax and records. I told them I'm the kind of guy who goes out and comes back with handfulls of money and says, "Here, that's what I made." If you ask me about expenses and stuff I'm completely lost. I don't want to be tied down with that stuff. Of course I realise its necessary, so I do my best.

My business principles?

Always keep God in it, and never be too busy for him or others. Be honest, generous, and merciful, but don't be another man's patsy [e.g. if you don't like my price, go someplace else]. Go out of your way to live what you believe. Don't let others squeeze you into their mould. Always be happy.