I am a Class 01 FFL dealer in rural Missouri who does mostly gunsmithing. It is not an easy task, but if you have the drive to do it, follow your dream. I read all I can about products, accessories, ammunition and trends in hunting and gun ownership.
It is better to start slow and seek out an untapped market in your area. In my case, it is a good gunsmith that does destroy customers' guns. I also focus on left-hand friendly guns and items useful for competitive shooting sports. Additionally, I focus on new shooters and women buyers.
One thing that you have to keep in mind is that no matter how cheap you sell your guns for, Wal-Mart will pretty well out sell you on price. You can't sell on prices, you have to sell on value added by your services.
Just some food for thought, and go for it!