I don't own my own business, but I have been at the "crossroads" with a decision to move and whether to take a pay cut to do it....
It seems to me the biggest factor in having "enough" money is not how much you make, but how much you spend. Sure, you have to make a certain amount or the options become severely limited, but if you can control/eliminate your expenses, you can put yourself in a situation where you don't have to make a ton of money right out of the gate. With 25 years experience, you are probably a much better mechanic than you were with 1 year experience. It is going to take time to learn to be a business owner and you will be better at it in a few years than you might be right out of the gate.
If you aren't mortgaged up to your eyeballs in your house, don't have car loans, boat loans, camper loans, atv loans, credit card debt, (I think tractor loans are maybe OK? LOL!), and medical bills, you might be able to get by for awhile (2-3 years?) on your wife's salary while you carefully build your business (again, without loading yourself up with debt). If you can't afford to be without your current paycheck due to your current expenses, you're taking a much bigger gamble and putting yourself in a "do or die" situation - while motivating, it can also lead to tons of added stress (which is hard on you and everyone you love). It might be wise to work to get yourself in that position first before leaving the steady paycheck?
I took the pay cut and I don't regret it. We live in a much nicer/smaller/safer community. We could only do it because we carefully planned our expenses around the new salary - without needing to rely on a second income from my wife. It was tight at first, but by God's grace and going without some of the "fancy things" we really wanted, we always had "enough"!
A good friend and mentor also told me, "Whatever decision you make is the right one!" Best wishes with your decision!
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