Speaking as someone looking down the barrel of a forced redundancy in less than 6 months, I have been pondering my future over the last couple of weeks.

The problem I see with starting my own business is that unless it is unique I would be competing with long established businesses, in a town that employs a few thousand manufacturing workers and engineering shops that support these manufacturers, they will all be closing in the near future.  The town economy will fall obviously as these companies are the major employers of the region.

I think I will have to travel (probably fly in fly out if I can get it)  for work for a few years until my house is paid off and then make a decision down the track when I am in a comfortable position.  Very hard decision as I don't want to miss my kids growing up, hopefully I'll find something closer.

The other thing I would have to consider is if being self employed would actually give me more time with my family than fly in/out work, I doubt it, at least for a fair time setting up and establishing the business.

But if you have the vision and are confident you should definitely try for it.