I've made a good living from woodwork, but only because I did not limit myself to it. I did that by going the handyman route. I didn't just grab a bunch of yellow, cordless tools and hang a shingle. I can tackle a little of this and that, then some more.
My shop was equipped with: a cabinet, band and miter and scroll saw; a spindle, 48" drum disk, 89" edge and a spindle sander, as well as belt and pad sanders; a drill press; a small lathe (a new addition); pressure washer (a serious one); an airless, four stage HVLP and conversion and an airbrush; vacuums; grinders (variable speed, so it could be used on granite and so on, which required a slower speed); polishers (automotive, granite, etc.; irons (for steaming wood to remove dents); ladders (step and extension); misc. paint equip. (extension handles, tape machines; . . . .
These things allowed me to do what other guys couldn't, such as make letters, build shelves, repair a window frame, pressure wash a sidewalk, roof, drive or house exterior.
These things allowed me to survive when other guys couldn't because they were limited in what they could do.
Food for thought, and keep in mind, I didn't rush out and buy the things mentioned [and hundreds of other items for thousands of dollars] all at once. After getting the major tools, I added to the tool collection as I needed tools. A pipe clamp here, a Fein Multitool there. . . .