The sharpening is a hobby/sideline that I enjoy, but I'm not sure if I'd enjoy it if I had to do it 40+ hours per week.
I agree. My thinking is to stay flexible, keep my overhead close to zero, and focus on putting a decent working edge on the cutting tools that people use all the time. That's where I get my kicks.
I would model it as a community service as much as a business. First small blade (paring knife or equivalent) is always free. Also free: ongoing mini-seminars to help people do it themselves and revive this "lost art."
And if someone shows up with a specialty blade (Japanese laminated) or professional scissors (hollow grind), I won't touch them. I don't have the gear or the experience to do a proper job, and I'll be up front about that. Leave the specialties to the specialists.