Sorry if I offend you, but this kind of sappy platitude is why a lot of people end up broke and disillusioned with magic/any artistic field.
Being a professional magician is a business. A business will not succeed if they don't understand how to bring in and manage money.
The show may come first, but the business is the significantly larger word.
So, the good news -
@Maaz Hasan - you're perfectly positioned to do this the smart way.
Things a lot of aspiring professionals don't anticipate -
You're going to spend the majority of your time looking for and booking gigs, for some years. Example: When Brian Brushwood was doing the college circuit he would spend about 3 months of the year booking the 6 month performance season. The 6 months of the season were spent driving all over the US, sleeping in cheap motels, to do 1 hour shows every couple days. Just be aware that you're probably going to be putting 10 hours or so into each 1 hour gig, easy.
Bills! You probably don't have a ton right now, so this is the perfect time to book as many gigs as you can and dump ALL that money into savings. Come tax time expect to give 25% to the government. If you build up a nice fat savings account now that will be a huge relief down the road if you hit a patch where you have trouble booking gigs. Learn to budget your money and stick to the budget.
Learn how to do taxes. There's websites that will walk you through it pretty straight forwardly (That's not a word). Save receipts for anything you purchase that is linked to your magic. This includes tanks of gas and food purchased on the way to gigs, or if you're entertaining clients, etc. It's not a bad idea to get something like QuickBooks to keep things straight. Deductions will be your friend and they're not as confusing as they may seem at first. Deductions can take a $4K tax bill and turn it into a $450 tax bill.
Repeat clients will be your livelihood. Knowing that you'll have suchandsuch gig at this time, every year, is very good. It takes a lot of the uncertainty out of performance as a career. Be as professional as possible at every appearance, and pretty much whenever you're in public. I have gotten myself or the team I was with hired regularly simply because I was/we were more professional than the competition.
Understand that your show is important, but it's not the most important thing. What you do on stage isn't really why you're being hired in many cases. You're being hired to make the audience have fun, and make the person who books you look good. Remembering that allows you to focus on what is important to maintaining a good relationship with the people who tend to do the hiring for entertainment in your area.
Ok, so, that's that part.
Should you?
That's up to you. You can make really good money as a performer, even if you're not nationally famous. Professional performers make several hundred to a couple thousand dollars per gig. A friend of mine in Baltimore won't leave his house for less than $1,000 and I doubt you've ever heard of him.
Should it be your only income? Ehhh ... Developing multiple streams of income is a way to be more stable. Dan Sperry has his own line of coffee, for example. A day job provides steady income while you're establishing a client list to get regular bookings. I advise 3-5 streams of income, personally.
How long does it take to establish yourself? Depends on how good you are at the business side of it. Could be a year, could be 5 years, could be 10 years. You're lucky in that by doing a more mainstream form of magic you can tap into more markets and get booked more regularly. I have an unusual style, so I am still honing in on how to market myself effectively.
How often do I perform? I go through patches where I'll perform multiple shows every weekend, and then do one gig a month. Like I said, I'm still honing in on how to market myself. The side show stuff we do regularly. How often will you perform? Hopefully as often as necessary to bring in the money you need to pay all your bills and put money aside.
I think this post has gotten long enough. Hopefully it gives you information you can use.