Hi,
I'm not a full time smith,but thought I would give the info I came up with when I looked into this. I have taken about 4 classes at Campbells in NC,which gives you a week to talk to the teacher who is a pro and to get some pretty good info on the life style.
The first thing you come up against is there is only so many hours in a day and consequently only so many items you can produce. This is you're ceiling and thats if you are good with a good name and a quality product. Taking a 1/2" steel rod and putting a twist in it and calling it a fire poker ain't ART! Meaning most of the things you make,people don't really need,they have to want it!
I like to make knives,but if you buy a shop full of tools and then you spend a week to make the knife,making the best one you can make, what is it worth??? If you sold it for $150 is that good money??? I think not! This is not to be taken as a negitive post but the next time you run into a full time blacksmith going to work in his shop everyday to feed his wife and kids,buy the man a drink, because he's a hero as far as I'm concerned!!! Like I said just my 2 cents worth!