I did it once
I had a custom furniture business. Turns out that the bulk of my income came from cabinet making and furniture restoration. I didn't like either. I wanted to design and build furniture. I sold pieces on a regular basis but if that is all I did , I would have gone under quickly.
People dont really care if its hand made or produced in China. They buy it because they like it. "Hand Crafted" is not really a selling point contrary to popular belief. Most people buy a particular piece because they like it or because it's cheap.
The rare few that make a good living at it are incredible artists. It's kinda like pro sports. What percentage of athletes make it big as compared to all of the wannabe's from High School on up. Maybe one in 10,000?. I dont know it's just a guess. A good amount of custom woodworkers that i know actually building furniture not cabinetry are supported primarily by their spouse's income.
People are paying for an end product and not for your time. If it takes you more than an average 8 hour day to build and finish a table you are losing money. Think what that will cost you in tools. A Stroke sander, edge sander, disk sander, drum saner and a wide belt sander. What about the 2 or 3 table saws?, the big planers, the list goes on.
Some people that piddle from time to time have no idea how long it takes them to make something. When you do it for a living, you find out quickly exactly how long. Oh yea, one more thing, when you are building, who is doing your selling for you, you know, the estimates, the sketches, etc.
Whe you are doing that whop is doing the building? All of this is going on while the rent is still due.
I better stop now, I can go on for ever.
Your are actually competing for dollars not just against other woodworkers. You are competing against a boat, a car downpayment, a ski weekend, a new TV, a gym, a golf course, etc.
Retired, living and cruising full-time on my boat.
Currently on the Little Tennessee River near Knoxville