I would diversify as much as possible.
I teach school full-time(wish I was off in fall instead of summer,lol), guide anglers and bowhunters part-time, sell some artwork(I'm an art teacher),sell some flies(fly guide),etc.
I DO think there is room for more competition in archery, especially Trad archery. It's a small market but the people are as loyal as loyal gets, customers often become life-long friends.
I really think TV may be the way to go (to make real money). I have a friend filming a new show for a national audience right now.I think TV audiences would really enjoy watching a young traditional archer climb the ropes. There's a very popular show about duck hunters, of all things, that gets a very diverese group of viewers.Look at the popularity of Swamp People,too! The movie, "A River Runs Through It" in the 1990's led to an explosion of new flyfishers(and sales).
It can and should happen to traditional archery.
There are several guys in our midst(Bill Langer for one) that should be on a national stage and have what it takes to draw an audience.Clean cut, laid back, family oriented, like-able people.(I think we've seen enough beer bellied, goateed, ball cap wearing, wheel bow shooting,camo selling, long shot taking, can barely string a sentence together types for one lifetime, but I digress.)
I say go for it.