I started my first consulting business in my 20's, made some great money, but never got to hire other employees. I did that for a few years and folded it up after my daughter was born to chase Internet stock options with a great job offer (which didn't work out). I tried again in my 30's after the .com crash. That was a bad time and I failed again. I went to work for a Fortune 500, learned how to manage people, and tried #3 two years ago at 43. This time it's working.
You need to learn some things about your trade before you try it, but if you have experience in the business, and it sounds like you do, then try being an employer. Before you start, write out a business plan. Part of the plan should define what your exit criteria are. In other words, at what point do you realize it's failed and you need to pull the plug? Having defined exit criteria helped me quite a bit on this last try, because I knew if I didn't make it work, this was it, I'd never be able to take another chance at it.
Don't put all of your capital at risk. Set aside some small portion for startup, and invest the rest. Your business plan should define who your customers are, your marketing plan, your sales strategy, your rates, etc. This planning will help you out because a lot of tradesmen just "wing it" and make it up as they go. A good plan will set you apart from those guys. Start small, don't hire 10 guys and then go looking for work. Hire people as your sales expand.
