For me, I had my own club when I got my 1st degree black belt, as this used as part of my 2nd Dan assessment.
The model I used was not to generate income/replace my main job but for training. One of my students (who was also my best friend) had the space that we used for training and the only thing that the students had to pay for was the insurance, the grading fees with the parent association and the uniform (I didn't earn anything out of it, well financially anyway).
In the end I had to fold the club due to work and personal commitments, the students had the option to attend another club within the same organisation, another club with a different organisation, change arts or stop training.
Personally, I found out that while I enjoyed training, teaching the MA (while it was ok) was not at the same level.