Another point to bear in mind if you are a one man band is what do you do when you have more work than you can handle. Hiring people isnt an answer as two people dont produce twice as much work. The hiree wont work as hard as the owner of the business, different dynamics there. Then do you trust the newbie? Need to check the work before you release it? How hard do the employees work when you are drumming up business?
One answer is to get an arrangement with a trusted friend who can do the work. Reach an understanding. Any work passed on attracts a 10% reward. If it goes one way you make money if it evens itself out every one wins. You arent at risk as you arent in the middle. You mate pays you the commission. Dont get greedy. This ways cuts out some of the worry. ASlso yoiu can work as a team and verify each others design.
In response to RCEJDs points I respectfully suggest that I would advocate working smarter. Just bear in mind that you may charge out at $100 per hour but you are worth $200 per hour to the business. Dont be the courier when you can hire someone for $20/hr to do that. Drumming up business can be done by the direct approach. I try and get my disciples working for me. Over the last fifteen years i have nurtured young engineers with favours, free advice, mentoring and helping with job offers. They are now in positions of power. Even if they dont get me work they recommend me to others. Sow and ye shall reap!
Limit the amount of paper you produce. Stipulate that your reports, calculations, drawings etc will be provided electronically and paper copies are extra. Make sure the cost of the paper is unattractive, the customer will do the printing themselves to save money, they probably have the resources. The other benefit here is you can meet deadlines right up to midnight on the due date. No couriers, taxis, print shops, staff going home etc to worry about. Saves time when working across the globe.
Some of my customers in the Middle East & Asia I have never met. They send me documents, I do the transient or pipe stress analysis and send the report. They bank the money. How sweet is that!