So open my own business? Maybe buy an established business?

What have you guys done and what would you say are your number one points of what to do and what not to do?

Maybe I should make this a little less whiny. Let's just stick with the question:

What have you guys done and what would you say are your number one points of what to do and what not to do?

start paying your taxes from the very beginning. Don't wait for the IRS to come give you an invitation to begin paying taxes. They'll gladly let you bury yourself for years. But they'll come eventually.

Think twice about a partnership

don't be sloppy about expenses, filing taxes and other important paperwork.

Take an accounting class. Accounting 101 should be enough.

Get Quickbooks and learn how to use it.

If you are going to have employees, learn the tax reporting/insurance requirements in your state.

Talk to an insurance broker to find out what you'll need. It's expensive but you don't want to be without it.

Line up a CPA and do what s/he tells you to do. You'll save $1000s in taxes later.

Line up all the credit you can now while you are employed. Once you are on your own, credit is going to be a lot more expensive if you can get it at all. Bank about 3X more cash than you think you will need.

What nc rob said - learn your tax responsibilities and take care from the very beginning. And don't cheat.

Finally, learn to sell and learn to enjoy it. If you don't like selling you are going to have a tough time. That's what small business owners do - they sell.

What sort of business are you considering?

I'm actually still pretty open. I'd like to open something geared toward the automotive industry, but have started looking into some businesses locally that are for sale. Most recently, a beer and wine store. So there's even more red tape with the ATF and local politics.

And thanks for the input guys!

Would you be funding this yourself or looking for a loan? There are lots of good SBA loans out there that can get you up and going. Also they are helpful to keep your cash in your pocket. Capital is king and as stated above, I would budget for 2-3x more than you expect you'll need.

I will definitely be needing a loan. I'm living paycheck to paycheck now. My wife is working on her real estate license, but currently we are pretty much broke. I don't know much about owning a business, just management. How long do they usually finance a small business loan for around $250k?

I think that would depend on a few things. Your business plan being one, which should describe when you expect to become profitable.

All good advice here so far, but the number few things I think I can add to this is that you need to have a niche, a specialty - what makes you different from your competition, why should customers consider you over the existing?

My dad always told me that it takes a business 5 years to become established (recognized by it's client base) and you need to be able to hang in there, so having a niche/specialty is super important so you don't have to cut corners to be competitive and survive.

Employees are a mixed blessing. They help you produce more, but they are a huge liability. Employee rights supersede those of employers in almost every state, be very careful with employees (NEVER HIRE FAMILY, ask me how I know) and always stick to your policies and employers handbook - once you start making exceptions, an inch becomes a mile and you're sunk.

I owned my own business for 13 years and closed it during my divorce to stop the money trail that her attorney and forensic accountant were following - good will value can be a killer. Again, ask me how I know.

Good luck whatever you decide to do and one more thing, NEVER CHEAT THE BOARD OF EQUALIZATION (sales tax) they are more ravenous than the IRS.

Number one: your business must offer something that no other business can do

Number two: these days, you need to be technology-based, if you really want to make some dough.

Just a recommendation: if this is the point you are at in your life, buying a business might make it worse. They can be a real struggle.

An SBA loan will require a min of 30% down and assets to back the loan. They also require a certain amount of experience in that industry. If you have no savings or a lot of equity in your house, you will have a really tough time getting a loan for that amount. Unlike house loans, there is very little security for a bank to loan against with a business. Business loans are 3 times harder to get unless you are a minority in your area, then the restrictions drop considerably.

You are better off trying to find family or friends to back your loan.

Also, not knowing what business you want to buy will make it even harder. Being a business owner, you HAVE to be passionate about what you are doing. Otherwise it's just a job and you will not be happy about the amount of hours you will need to put in to make it successful.

Be prepared to do a thorough business plan. No one will even talk to you about finances without one.

Good luck with your decision.

If you're living paycheck to paycheck, why would you want to buy a business or start a business when you aren't sure what you even want to do?

Not meaning to be rude in any way but that does not seem like the best choice to make as you don't have extra income to start with.

First, I'd like to thank all of you for the input. I really needed some good advice and you guys have come through!

1. There is no way I can come up with 25% of the loan.

2. There is no way I would ever consider working with family. Again.

3. The reason I am looking into this to be independent.

For 2.5 years I've had this quote that is still being used as of yesterday, "Maybe we'll have some more help by then."

I was told this when I was "temporarily" moved back to manage a store, out of upper management, 2.5 years ago when I informed my employer that I would need a week off for my wedding and honeymoon. This has been an issue since 2006. These are (were) good people to work for, but it has become an unending cycle with no consideration for the time I put in every week, nor the time off that I should be receiving per their initial standards.

I need a change. I can make a living with one of many talents. I just want to be able to make my own schedule and get the f*** out of the store long enough to do sh** I need/want to do every now and then.

Sorry for the rant and thank you guys very much!