Bubba, There is alot of excitment in thinking about owning your own business. I currently own two, The Software Shoppe and Paragon Computing Solutions. We publish business accounting software. I salute you for looking into the future and considering the possiblilites of starting your own business. I would like to offer a few seeds of thought from my 23 years of this rat race.
Make a business plan FIRST. Put your emotions to one side and calculate every possible expense that you can think of right down to the cost of toilet paper.
As you write your business plan do so with an eye to selling your company in 5 years. Don't start it unless you know how you want to end it. (Build it up and sell it, keep it forever, retire off of it, leave to children)
Get a line a credit. You may be successful doing it on a shoestring but whatever profits you gain will be spent in Maalox. If you are married and Mrs. Bubba works outside of the home in the corporate world then her income will help to carry the household.
Forget about a salary for yourself for the first 6-8 months unless you have strong line of credit.
Be your own boss and have more free time to do what you want! Yea, right. No matter how many times they say that on the infomercials at 2:00 a.m. it just isn't so. In the beginning you will work harder and longer hours than your employees.
Captain Ahab is correct regarding Delaware Corporation. Regardless, if you incorporate in another state you will have to register it in your state as a foreign corporation. Don't forget to consider the option of a Trust as this will offer you the maxium protection and the IRS is usually very recepective to them.
Do not hire the first prospective employee you interview. Write out your company goal and state exactly what you expect from each employee. How are they going to help you reach your financial goals? When you are interviewing prospective employees keep that paper in front of you.
Don't hire on the first interview, bring them back in for a second talk. It is amazing what you can discover during a second interview.
While the prospective employee is in your office, excuse yourself for a moment and walk outside to look in their car. If the inside of their car looks like a mobile landfill and there a wrappers and bags from the local fast food establishment and other assorted collections that's not a good sign.
Do you really think that he will treat your business any different?
Don't worry about the employee stealing, worry about how well he/she treats each and every customer. One bad word, one foul look or one slight inconsideration can cost you that client. And unless you have invented some special magnet, when the customer walks out of your shop so does the customer's money.
Remember, every customer is your boss!!!
Go visit two or three businesses in an area far from your area that are like what you want do.
Tell them that you would like to hear their opinions and any suggestions they may have; take them to lunch. Most good business man are willing to share their experience. It will probably be the best $20 bucks you spend during your business planning stage.
If you then go forward with your business then the main thing to do is have fun doing it. If you are having fun then the job isn't work.
I did not do any of the above when I started out on my own. I did not know any better and therefore, it took me almost 8 years to get the knots out of the line. Owning your own business can be very fulfilling. I encourage you to continue in this endeavor. Who knows maybe all of us on the Tinboat site can come visit you for your grand opening! You will have door prizes won't you?
The best of luck to you.