Originally Posted by Ranger
...Be aware, that since you have never done it, you are only speculating on what it will be like...
Exactly correct, Ranger. Allow me to dispense one more piece of advice (worth exactly what you're paying for it

) to the original poster:
DO SOME INFORMATIONAL INTERVIEWING!
What you do is call the LBS (preferably more than one), and ask to speak to the owner. Tell the owner that you're considering a career change to her/his field, and that you'd like to interview her/him just to see what it is like. Offer to take the owner to a lunch or to coffee at your expense & explain that you'll use no more than 30 minutes to an hour of their time.
When you get the interview, ask about what it's like to run a bike shop - what does the owner do with her/his daily time? how much money did it take to start? how long was it before a profit was turned? what is the thing the owner likes best about being a shop owner? what is the worst? TAKE NOTES!
You get the drift. Since this is a "no-stress" interview, the owner will tell you things that they would never disclose when interviewing a potential employee. You'll also find that about two out of five informational interviews that you do will result in job offers! You may want to try out working in a bike shop before considering buying/opening one.
You'll come away with a MUCH better idea of what a bike shop owner REALLY does. You may not be so keen on the idea, or you may become much more interested. Either way, your time and money are well invested.
Good luck!