It is a niche market, and you won't get rich. I am an apprentice level smith. A friend of mine (who is a master smith) says that the only way to end up with a small fortune in smithing is to start with a big fortune.
I forge kitchen knives and straight razors mostly. From bar stock to finished item can easily take 8 hours or more. Even if I can sell them at a decent price for such items, my hourly rate is very low. The profit for a 100 euro kitchen knife, per hour, is much less than if I had been flipping burgers at Mc Donalds. The only way to make it as a smith are to work your ass off, from dawn till dusk, and be lucky and skilled (it takes both) enough that you're able to get enough 'fame' in your niche that people will pay big bucks to own something you made.
I know many smiths, and like me, most of them do it as a hobby which they can pursue with a lot of passion. Because it is very unlikely that you're skilled and lucky enough that your shop time is more profitable than e.g. your time as a systems engineer. There are people who succeed in making it their profession, but they are very few.
Of course, as a hobby it is a totally different story. Because it allows me to do something I like very much and make some pocket money doing it.