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It is important to know at any age!

What You Need To Do Instead To Become The #1 Guitar Teacher In Your Area:Rather than copying individual tactics from other guitar teachers and blindly developing your business, use the approach of successful guitar teachers:Work with a trainer to learn how to 'teach guitar' and 'build a successful guitar teaching business'. This is the best way to put together your own unique business strategy while using the most effective guitar teaching methods to get the best results for your students.

and here is another

Both of these points are 100% false. If you teach out of a music store you are highly likely to fail and here's why: In reality, music stores do not have a strong reason to find new guitar students for 'you'. Even if you work together with a music company, you will still need to come up with strategic ways to get guitar students and grow your guitar teaching business.Additionally, you make less money when you work from a music store because you must give a large percentage of your earnings to the owner. This makes it more challenging to earn a good living as a guitar teacher. To make things worse, music stores generally are very strict about the teaching formats they allow. In many cases, you are limited to teaching only private 1 on 1 lessons and not allowed to help your guitar students progress faster using other formats. This makes it harder to get big results for your students. Since you can't get great results for your students, it will be very difficult to develop the positive reputation needed to grow your guitar teaching business to the next level. The most successful and highest earning guitar teachers never teach out of music stores. Instead, they run their own business and hire other guitar teachers to work for them. If you want to make a great living teaching guitar, you must treat it like a business and learn all you can in order to improve every aspect of it.

and finally

When you gain new guitar students who were only looking for the 'cheapest' teacher, they will take lessons with you much less seriously. You will quickly find that these types of students do not practice or put out much effort because they do not feel like they are getting much value in return (based on how much they are spending). The more a student has to spend for lessons, the more seriously they will take it. All of these issues will combine together to weigh you down and keep you from ever making good money teaching guitar.