If you focus on event photography you can make quite a bit of money. It is a varied and widely sought after field of photography.
How to do it
The key trick is in choosing your market slice. You must choose a slice of the market where people want to keep memories alive in print. It must also be an event that is hard to capture for a not professional so that they will need your services.
One idea is to go to kids sports events. Get permission from the coach to click pics for the parents watching and then start clicking away. If you turn up with a huge telephoto lens like the ones used for pro coverage of events, you will be taken seriously. Make sure you get all the kids doing great action shots and then hand out flyers to all the parents watching with your web address. If you can write down the parents email address so you can email them the URL of you site then upload the pics to your web site that day and email everyone. If you have a simple shopping cart set up you can make money in a few hours as people pop in to see the pics and buy them for $20 or more a pop.