It's great that young people are passionate about making a living of what they love, and yes it is profitable if you know what you're doing and get your pricing for the parts and servicing right.
Best strategy is:
1: Component pricing should always be the stock market price for new components, and however much you paid for used hardware.
2: Charge for your work, but don't over- or underprice your services. That's where your profit is, but also your customers' trust.
3: MARKETING! Everything is marketing. Just don't say you can do stuff that you cannot do. Also,post yourself EVERYWHERE, even if you feel you're being annoying. There is NO bad advertising.
4: Warranty is good for new components, but used stuff is too risky!
Hope you make a killing out there