The hard truth is, the "average" self employed gunsmith is making about minimum wage.
No joke!
Figuring that most seldom work only 8 hours a day, by the time you figure in the time to do all the paper work, talking to customers, and ordering parts and supplies, most are probably logging 12 to 14 hour days.
That part of the business doesn't pay a dime, so you're spending those hours as unpaid.
The gunsmiths that make good money are:
Owners of big gunsmithing companies (i.e. Bill Wilson).
Gunsmith's who WORK for big companies and get salary plus benefits.
Gunsmiths with such skills, talent and drive that they are literally world-class famous craftsmen, who get written up in the gun magazines, and whom people will wait years to get work from.