We have gathered all kinds of resources and keep in close contact with our students who are doing it. We know the pros and cons and gladly share all that information with our students at the proper time. Lots of good business sense is needed. Only a small part of what you'll need to learn includes how to negotiate contracts, purchase equipment and materials, collect slow-paying accounts and even supervise others. Lots to consider, but it can be done if you want it badly enough.
Every locale is different.
Cost of living is lower in Oklahoma than in many areas, and we probably make less. Others are making much more, or less. It depends a great deal on being in the right place at the right time with the right skills. All kinds of situations exist. It's rare, of course, but multi-million dollar medical transcription services have been started by one medical transcriptionist with a dream.