Two Thing I would suggest
1. As Gabel says, keep your overhead low. Preferably, way way low, in the basement in nice. This is super important when starting out, especially in times like these when you don't know how much work you are going to have. You don't want a lot of expenses over your head to constantly be sinking your money into. Lower overhead means lower price to the customer and higher prophet margins. It's one instance where there really is a win-win scenario (most things that claim to be win-win are wrong, lying, or a scam)
One way to do this is to do things, at least at first, with as few of tools you can get away with, and learn how to be proficient at using hand tools. You can 'upgrade' (if you call it that) to fancy gizmos as you become more successful. Don't think you have to have the latest and greatest of everything, most of the time that's a waste of money, and just gives you more overhead than you want at first.
Also consider this: Is it necessary to have a large shop to build things? You could, in reality, get along just fine without it. You can do this by doing things the way people did things for thousands of year, laying out the frame right there on site, eliminating the need for a large layout floor. Wasted space is wasted money, keep that in mind.
I realize that may not always be practical. Some times you have to make a frame for a job in the next state, for example. But even then, a layout could conceivably be done in an open field or parking lot or some such. Just a thought. If you are really good and have faith in your ability to cut joints, you don't need a big floor at all, and can just do any joint adjustment on site (that's how they used to do it, so why couldn't it work now?) I know there are still framers out there who don't have much of a shop at all. Look at Amish traditions for example. (Myself being Beachy Amish-Mennonite, I have some connection to that tradition and know a little about it)
And another thing I might suggest, which a few timber framers out there might think of as some kind of a heresy, is that, is there any rule out there that says you can only build timber frames? If Sammy says that he can get so and so to build him a stick frame for so much less and you can't come down into his price range with a timber frame, then couldn't you give him the option of building a stick frame for him? I know it may seem like lowering yourself but these are tough times, and compromises are some times necessary. I am in a unique situation myself where I can build timber frames, but I also work for another guy doing general carpentry. Sure it's not as good, but I enjoy any kind of construction work, and I certainly prefer stick framing to sitting around and watching the money float away.
And one last word of advice, don't let anybody tell you its foolishness to start a business in this economy. Have you ever noticed how many businesses that are around today were started in the 30's? At least around here, it's quite a few. Businessmen who start a business in a tough economy are going to have a much more mature outlook on things than those who do so in easy times, and most important they are going to have to learn how to run a good business. If you can make a go at it right now, then you are going to be successful. period. And I suggest using the economy to your advantage. Sell people on something that lasts and holds its value. Drive home the point that they are loosing out to inflation by putting their money up in banks, and they are loosing out to nature by building a stick frame. Sell a product that is as much practical as it is an investment.
And the thing you most do not want to hear, be willing to loose now and then, and be willing to do with less for a while. If you want to do good later, you have got to sacrifice a little now. If you want to be comfortable now, then you are going to have to sacrifice a lot later. It's tough, but that's life. And that's what so many Americans are learning right now.
Like any good German, I am very very analytical and extremely details-oriented. Sometimes I study things and try to figure them out TOO much!
