SW hit most of the points on the head.
* Expect to have a year's worth of your after-tax income in the bank before you decide to quit your job, you're going to need it (and most often quite a bit more). What if your wife loses her job in the meantime? Then you'll have zero income. CC companies look down on making zero monthly payments.
* You should never engage in your side-business affairs while on your current job. If you find yourself handling side-business stuff during that time, you have an ethical, moral, and probably legal responsibility to log off the clock. And don't forget the time you spent before and after thinking about what you were just doing, time to ramp back up to your 40-hr/wk job's responsibilities, etc. Plain and simple, don't mix the times, it's not worth the hassle.
* I used savings and CC to start my business. That was nearly five years ago, and I'll only have the CCs paid off before this year is out. While for some jobs it's useful to use CCs as a quick money fix, it's also quite dangerous and can kill your credit for many years to come... be aware of that danger.
* Be prepared to live on canned tuna and crackers when things get tight (and I may not necessarily be speaking metaphorically here, either). Turning the A/C off in the summer and the heat off in the winter can save big-time money, especially in these days of high-priced electricity. Consider getting rid of any luxuries, like extra cars, or big screen TVs... selling them before you're hurting for money is more profitable than when you let that 50" plasma go for $200 because you need to eat this month.
* Be prepared to pay big bucks for the same health insurance your current employer is probably subsidizing at the moment. You do
not want to have major surgery for a heart attack or accident without insurance covering your behind... that's a surefire way to the poorhouse within just a few weeks. Also consider any employee matching being done for your 401(k) account... you may not even be able to contribute yourself with no money coming in, and that can hurt retirement.
Dan - Owner