[Christien]

If there's one thing I've learned about self-employment, it's that you really do have to put everything you have into it. That's why I'm getting out of it, and I'm only 35. Life's too short to work for what ends up being the equivalent of $3/hour.

Ok, so maybe I'm just having a bad day. But I'm not sure your requirement of 65k/year and a new startup business are compatible. I don't think it's safe to expect any significant income in the first couple years. Maybe just enough to live on, and that would be borrowed from your seed money. If you're already in debt you're going to have a hard time finding startup money, and then to need to draw from that for your own expenses will just make things that much harder. From what it sounds like, your startup costs (i.e. machinery) are significant, compared to, say, an accountant who wants to go out on his own and really only needs some basic furniture and first and last months' rent.

So you're looking at going into significant debt off the top, you'll have to pledge your house to secure the credit, your current debt will likely lead to a less-than-prime interest rate, you have high personal expenses, more and more manufacturing is being done offshore, and you're in the midst of a recession. Call me pessimistic, but this sounds like a sure path to bankruptcy.