Hi there. Sounds like you’re in an excellent position to start your own business. While it’s true that you’ll likely be able to further your business concept much faster if you dedicate 100% of your time and efforts to it, I’d think twice before giving up a good paying job these days.
Naturally, you’re reluctant to use your home as collateral; however, if you quit your job, you may just do that, even if you don’t take out a second mortgage.
With that being said, you shouldn’t look at your capital requirements on an annual basis. Try to project everything over at least 3-5 years and factor at least 3-6 months worth of operating expenses (including your salary) into your overall capital requirements. Where do you stand then?
The $250,000-$500,000 area is somewhat difficult to evaluate. The amount is usually too small to raise equity financing and pretty substantial if you intend to raise that amount based on debt.
If you are interested in discussing your project in greater detail, please send me a PM and I will try to give you a few additional pointers.
I hope this helps.
Advanced Document Design for entrepreneurs, intermediaries, and the financial services industry.