need your advice

I have blogged about this already but i need some advice and what better place to ask for advice than on a public forum right?
Anyway, I was recently talked into promoting 2 local bands with relatively small followings. my cousin plays in one of them and his buddy in the other.
*note* i did this because i made a stupid drunken bet...dont ask!
my cousins band we will call band one and his buddies band is band 2
band 2 has been together for about 3 years and they sound decent not really ready for bigger gigs than what they are currently playing. Bar gigs and small openers 3-500 a gig shows.
band 1 has been together several years as well and have a decent local following 30-40 faithful at every show..mostly made up of other bands and a few good friends and family. they have played one major opening for Stained...they won a battle of the bands to get the spot other than that 2- 3 shows per month at the same local bars (3 of them).
I took band 2 (friend band) and did a promotion for them using the web and a few phone calls...did everything for free and put in some long hours instead of cash......I did a local press release called a few new places....printed out a few flyers and had friends distribute them....it took two weeks of working for band 2 and we got them set up with 5 shows this month at a rate or 500 min and 10% of the door and at thier first show they cleared 1k and they averaged about 700 a show when all was siad and done ( of course i was not cut in on the profits.....brats!) anyway they are making more money now and thier fan base is growing slowly ...but its growing.
Band 1- band one had been together for a while so they had some money saved up from gigs they gave me a 1500$ budget to work with....i spent 2 weeks working on thier promotions as well. I took the 1500 and got them a professional website, set them up 13 shows in the next two months at 750 minimum a night with a share in alcohol sales durring thier show time and 3% of the door for the night...sweet deal actually....i also set them up on a mini tour from boston to atlanta with several stops in each state to start in june....i set them up a street team section on thier website and a new myspace page that i sent traffic to and have doubled thier plays and fan club....put thier music on itunes and got a mass press release in our local area as well as in the citeis they will be playing in on thier mini tour...the releases will happen a wek before the sho and i also liked them in with the local promoters of the places they will be playing so hope fully they get good showing at the shows.....I paid for a radio spot on a local college station and got a feature article in three local music related news releases all said and done i spent 100$ of my own money on the project but they have since paid me back...and some.....thier fan base is getting reallly large and the local newspaper is running a profile on them complete with bookings and tour inof...website myspace and street team / fan club info.....thier songs are being played on the college circut now and they are making god money at shows from both door sales and cd t shirt sales.....they have had three major labels contact them (one of wich is sony shhhh) and several indies have offered as well....they are currently looking for a manager though i have advised against it and they have retained a lawyer for legal stuff in the future....a cd release party is currently being discussed....anyway back to my question
I have been entertaining the idea of opening a promotion company....i have checked around and the going rate for the things i did for band 1 run around the 5k mark ...i did it for 1600...thats a big profit margin...even if I undercut the other companies by half i still make good money...it will take a lot of time and i will have to do a lot of work till i can hire people who know what they are doing ...and i would have to get the word out etc...but im torn on weather i should give it a shot or just say yeah i did good and it was fun but its not a business.....what do you guys think ..help me out...i reallly want ot give it a shot but am gun shy....what should i do?
Anyway, I was recently talked into promoting 2 local bands with relatively small followings. my cousin plays in one of them and his buddy in the other.
*note* i did this because i made a stupid drunken bet...dont ask!
my cousins band we will call band one and his buddies band is band 2
band 2 has been together for about 3 years and they sound decent not really ready for bigger gigs than what they are currently playing. Bar gigs and small openers 3-500 a gig shows.
band 1 has been together several years as well and have a decent local following 30-40 faithful at every show..mostly made up of other bands and a few good friends and family. they have played one major opening for Stained...they won a battle of the bands to get the spot other than that 2- 3 shows per month at the same local bars (3 of them).
I took band 2 (friend band) and did a promotion for them using the web and a few phone calls...did everything for free and put in some long hours instead of cash......I did a local press release called a few new places....printed out a few flyers and had friends distribute them....it took two weeks of working for band 2 and we got them set up with 5 shows this month at a rate or 500 min and 10% of the door and at thier first show they cleared 1k and they averaged about 700 a show when all was siad and done ( of course i was not cut in on the profits.....brats!) anyway they are making more money now and thier fan base is growing slowly ...but its growing.
Band 1- band one had been together for a while so they had some money saved up from gigs they gave me a 1500$ budget to work with....i spent 2 weeks working on thier promotions as well. I took the 1500 and got them a professional website, set them up 13 shows in the next two months at 750 minimum a night with a share in alcohol sales durring thier show time and 3% of the door for the night...sweet deal actually....i also set them up on a mini tour from boston to atlanta with several stops in each state to start in june....i set them up a street team section on thier website and a new myspace page that i sent traffic to and have doubled thier plays and fan club....put thier music on itunes and got a mass press release in our local area as well as in the citeis they will be playing in on thier mini tour...the releases will happen a wek before the sho and i also liked them in with the local promoters of the places they will be playing so hope fully they get good showing at the shows.....I paid for a radio spot on a local college station and got a feature article in three local music related news releases all said and done i spent 100$ of my own money on the project but they have since paid me back...and some.....thier fan base is getting reallly large and the local newspaper is running a profile on them complete with bookings and tour inof...website myspace and street team / fan club info.....thier songs are being played on the college circut now and they are making god money at shows from both door sales and cd t shirt sales.....they have had three major labels contact them (one of wich is sony shhhh) and several indies have offered as well....they are currently looking for a manager though i have advised against it and they have retained a lawyer for legal stuff in the future....a cd release party is currently being discussed....anyway back to my question
I have been entertaining the idea of opening a promotion company....i have checked around and the going rate for the things i did for band 1 run around the 5k mark ...i did it for 1600...thats a big profit margin...even if I undercut the other companies by half i still make good money...it will take a lot of time and i will have to do a lot of work till i can hire people who know what they are doing ...and i would have to get the word out etc...but im torn on weather i should give it a shot or just say yeah i did good and it was fun but its not a business.....what do you guys think ..help me out...i reallly want ot give it a shot but am gun shy....what should i do?