The key is finding a specialty. Some of the other posts are already going this direction. Everyone with a camera thinks they're a photographer now since decent camera gear has become so cheap. If you don't have some sort of niche, you will be forgotten and abandoned (and you can't price yourself to make it worth your time).
Source: Girlfriend is a pro photographer. She quit her day job about three years ago. While she still had her day job and before she narrowed down to a specific niche, she'd do one or two photoshoots a month for $75 or $100 (if she was lucky) and it would involve driving 30-60 minutes each way and spending an hour there, and afterwards giving them like 20 photos (usually basic stuff like family/baby pictures or an event). Now, she'll charge $250 for five photos, shooting them in about 10-20 minutes somewhere that she's already traveled to specifically, doing anywhere between 4-20 shoots a day, working roughly between zero and ten days a month, and she loves it.