I took the path of restoring, not refinishing, older pieces of furniture. It often presented problems that included structural repair before looking to restoring the finish. In some cases, the finish was so badly worn, or damaged that I had to refinish the piece. Some of the worst damage had come from cats usting the furniture piece for claw working by the cat(s). It can be profitable, but is rather labor intensive. Good power sanders are a must. I was able to pick up a piece of furniture that I knew someone was looking for. Some pieces I picked up for $200.oo or so, and in the end would get $700.00 +, for a nicely restored piece. I was looking to get at least $25.00 to $30.00/hr labor in each piece. I stsrted doing this right after I retired, and enjoyed the hell out of seeing the final restored piece.
Just my $.02 in the wood working craft.