I want to start my own business but I'm not sure if it is a good idea with the economy. Can anyone help?

I am interested in opening a crafting center where people go to take classes, work on projects, etc. Does anyone think this business would work in todays economy? My plan was to wait for a year or two until my children are in school and I would not be paying for daycare however there would still be expenses I would have to pay for and I don't want to get in over my head. Please advise!!

During a recession, people are looking for lower-cost activities, so a craft center might be a good idea. However, "craft-related" businesses often have a very slow "growth curve" as word gets out about your business. (My wife is a Creative Memories consultant, selling scrapbooking products, and runs scrapbooking workshops; previously she ran a "Kids Can Sew" business; so I think I have some sense of what you're thinking about.)

I would strongly suggest that you prepare a very detailed business plan, identifying all your known expenses for the business, and try to include realistic projections about revenue. Some expenses will include: rent, business license fees, possibly incorporation costs, accounting help (to deal with payroll & tax reporting), employee wages, inventory/'cost of goods sold,' cost of consumable supplies, furniture (tables, chairs, shelving, storage), tools, insurance (several kinds!), advertising (yellow page, web site & other internet advertising, newspaper, newsletters, etc.), utilities (heat/light/phone), and DOZENS of other expenses.

Nearly ALL new businesses lose money during their first year, and of course "most" new businesses fail within the first 2 years.

One question I always ask people is, "have you worked in this industry before?" If not, how can you really know if you've identified key issues, and of course how can you know if you'll enjoy the work?

In terms of predicting the "market" or likely revenue, there is absolutely NO measure that's better than knowing the actual sales and profit figures for other, similar businesses. Some of your potential suppliers may be able to help you make connections with similar businesses in other regions (not your local competitors).

There are local organizations that may be able to help you get FREE advice (I believe SCORE helps small business startups with advice from retired businesspeople; if you're considering taking out a business loan, your banker may be able to point you to helpful resources).

you know what?

it's not about if it's a good idea or a bad idea... because nobody should never give such advice. If you want to start your own business, do what you need to do, learn what you need to learn, and just do it.

and the thing about waiting is that it will make you just more afraid of doing it... longer you wait... the less likely you're gonna do it.

good or bad decision? it's up to you, not the economy.

I wouldn't worry about the economy. Just do everything necessary to start your business. Even though economics is important, that shouldn't be your main worry.

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An easy way to test the idea is to offer that service from your home to start off with. Do you have some room in your basement? Start small and work up. If you find there is high demand for your services then you can think about expanding to a larger facility.