Set up on yer own!
I was in a very similar situation last year (not the asshole boss part though), our shop closed due to high overheads & falling sales.
We always got great feedback from our customers, there were only 2 of us working there, the other lad's better looking half wouldn't let him go self employed.
I decided to give it a go (I am working full time as well at the mo in a temporary job), I'm going mobile bike repair style
All I have are my tools & a load of business cards (given out to old bosses, who are good blokes) & I'm picking up work through them as well as word of mouth and another local shop who has started selling bikes (even though he knows hardly owt about bikes) has a load of my cards
There's a website in the making, and I've created a facebook group & Flickr photo page.
TheCycleDoctor.co.uk's Facebook page
& TheCycleDoctor.co.uk's Flickr page
It's all on a wing & a prayer, but I'd rather try than not bother & end up working for someone else doing a job that feels like work, fixing bikes hardly ever feels like work