First -- best wishes with the new endeavor!
My first business was an artist development company called GrooveRoots in Nashville TN. We lasted for 4 years but got really burned out on Artists (of which I am one myself!) Here is what we learned the hard way -- Artists tend to want to spend money on immediate gratification (new instruments, studio time, that awesome photo shoot), but often neglect investing in themselves. Our development products really suffered while the studio stayed relatively busy.
Teaching lessons does have a lot of potential - but as a previous poster commented... it's all about networking. Getting involved in your local schools could prove to be invaluable -- parents are often looking for summer lessons. Also, local music shops often operate on a teacher referral list -- some will even keep you booked for a percentage of the lesson.
All in all I really loved my time in the music industry -- but the profit margins just weren't there to justify the hours it took. I hope your experience will be different!
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