Just wondering, do you know of any that make good money – more than just lifestyle businesses, which basically just support their owner to indulge their passion.
I'm not looking to set one up btw.

In spain I would have thought it possible to have a decent standard of living, ie nice home, car and put some away for the future.
If you can average 4 or 5 people a week, for 30 weeks of the year, paying 300+ euros each then it should be possible to make a decent living. Especialy if you were able to buy property when it was low price.
It would take two or three years to establish, but if you are a good guide and provide good holidays then that seams perfectly feasable. And spain basicly has an all year season.

Cycle active staff always seem to be doing well for themselves! Went on their Morocco holiday and it was awesome, worth every penny.

Its a tough one: I worked for Mountain Edge for two seasons, and as the second guide, I earnt enough to live in Austria, buy bike gear and pay for my flights. My boss, as the owner, made enough money to live comfortably, although he works as a ski instructor in the winter which I believe brought in more money than the bikes. He set up the company 8 years ago and says that the first two years are the toughest, but he never expects to make any more than a living wage. He wouldn't be in it if he thought any different.
I think the bigger companies are a bit different, what with the economies of scale and all, but for the independent one-chalet businesses you're not going to get rich!