Below is a reply I wrote on a local forum when someone asked a similar question:
I've thought about this post a lot and believe could write a novel about it (but don't worry, I won't).
Having started my gig on a shoestring and gone full time before I was really ready to I think the biggest thing I would recommend for anyone starting a business is to make sure you have plenty of operating capital. It definitely takes some time to build enough business to cover all the expenses plus keep a roof over your head and food in your belly.
I would never discourage anyone from going into business and in fact would encourage more people to do it. Some things to expect though:
-Study your market and make sure it can support your business (you've done that and I agree that CT is not ready for a successful yarn/knitting operation)
-Plan on waking up in the morning thinking about business, going to bed thinking about business and working far more hours for far less money than you ever have working for someone else.
-Learn to deal with the sudden knot of fear in your stomach every time you see a tow truck on your street.
-Try to appear sympathetic and understanding when someone says "Gosh, I just got my paycheck from work and already it's gone". Stifle the urge to say, "you got a check?!" It will have been a long time since you've seen one of those.
-Learn to keep your eyes from rolling in your head whenever someone comments that you must be raking in the bucks because you have your own business, when in reality you're weighing the pros and cons of either ordering more yarn (or coffee, or widgets) to keep the business going or paying the mortgage.
-Expect your social life to dwindle down to near zero. When you do find time to get out and do something you'll be too exhausted and want nothing more than to lay on the couch and eat comfort food.
-Be ready for the bi-polar sensation of swinging from extreme euphoria and excitement to the pits of "what the hell was I thinking, we're all doomed to hell", sometimes day to day, sometimes minute to minute, sometimes within the same minute.
And that's just a start. However, in the face of all that I do have to give you the MasterCard moment:
Waking up in the morning and diving into something you absolutely love to do, being in complete control of your own destiny, turning a dream into a reality, finally knowing what it is that you want to be when you grow up, seeing the happy smile on your customers face when they 'get their stuff', having people recognize the product or service that you created and saying "hey, I've heard that's good!", hearing the kind words of encouragement from friends and customers who believe in your dream, knowing that someday it will all be worth it and that even if it doesn't happen, knowing that you tried .........PRICELESS!
I say, if you have a dream go for it. Find a way to make it happen.
