I've just started working for myself too- the job situation is rubbish and it seemed the best thing to do. Woking as a designer and producer I've hooked up with a couple of very good developers willing to go out on a limb and split the revenue when it comes in. Our first projects are nearly finished and I expect to make enough money for it to have almost been worthwhile for all of us! Re-using the assets and producing the next wave of releases might make it all more worthwhile next time though.
I'm looking into additional revenue from the first project though- Micro-Transactions or a download version or whatever. It's turned out so well I'm determined to double the money we could have expected from a sponsor.
So good luck Pete. If you can make good games quickly then there is a living to be made. Being clever with re-using assets will be essential in the long term because a quick turnaround is gonna be crucial.