Starting a buisiness

I have been thinking about starting my own shop or buisiness of some kind. I,m tired of working for my current employer. I have very little money and considered doing an after hours thing until I could go it alone and still work my current job. Any sugestions? I can rent a 3 stall shop with office for $300 a month for the first year. Problem is I would need a hoist and air compressor to start. I'm 45 in Sept and really have nothing but my drag car and a pickup truck and my shack of a house. My credit is starting to get better after a bankruptcy in 95. should I go for it or wait until I can better afford it? My work and myself are well known in the area.