If you want to be able to make money from music like any form of art you will have to look at the opportunities as they present themselves.
It is so easy to get trapped in a form of thinking that is restrictive and this becomes the norm, so for instance if you were thinking about a lessons just a half an hour of passing on facts then you are missing an opportunity to expand their experience. For the pupil to go without you offering anything else that lays beyond the standard music format then you are going to be caught in an economic trap that you set for yourself.
You really need to be able to offer something different for instance, sound engineering or guitar maintenance and repair, song writing, performance skills etc. If you have a studio create experiences that excite pupils to be more involved.
Artists often forget that the general public are willing to pay a lot for interesting experiences such as training programs workshops etc. which could be in or out of the country for themselves or their children. Parents will pay a lot of money for their children’s education which they may not for themselves.
It is my belief that the teaching of music and the arts will become increasingly more important as education moves along in this very uncertain world that we are now entering. Future generations will require lots of creative thinking and not so much of the factual education style that has been used up to now; the world is moving is so fast into the unknown.