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couple of quick points:

If your business is not incorporated, the percentage amount is reduced to approximately 20% on net self employment income,
25% is for W-2 or incorporated business income.
While you can administer your own Single K, once Plan assets reach $250k, you will need to file an IRS Form 5500EZ, or Form 5500SF.
You will also need a Plan document with a Trustee as all 401ks are held in a Trust. There are providers that do this for very little cost, but may have restrictions on the investments. If you don't want restrictions on what you can invest in, then you will need to have the document drafted and do the 5500 if applicable down the road.

Bill
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