That's a pretty good way to say it, I always describe working for another business as basically a hired slave. In that kind of situation, you always have a limit on how much you can make. Once you move to self employment the limits are removed and you basically make a profit directly to how much effort you put into the business.
Not saying this for pitty or anything, but I'd love to have my business at $75k per year profit, making/modding atv
parts is defo low profit (low sales, and markup has to be quite low). I've been hanging around $12k/year, but I'm full self employed and have a very cheap life style. The freedom alone is worth the much lower pay, I work whenever I feel like it, and there's no boss. The customers are you boss, but that's only for each individual job so you could always quit if you can't meet eye to eye and move onto the next job. I probably could out source the harnesses and such to Chinese workers, but I HATE their wiring over there and quality of work seems quite poor. I'd basically have to move there and light a fire under their butts and show how it's done lol.
With your situation, maybe it would be best to work on getting someone hired in that has experience and move your role less as a working business owner and more of a business manager/ceo type of figure. Once you make that move and things are still good/stable you could take on other business ideas and such easier. One of the hardest things for a business own to do is to trust the work with someone they don't know.
Anyway, personally I'd say to go all in on the business, you know it's profitable, sounds like you enjoy the work, and in time hopefully you can find suitable workers to make the business run and maybe you could adventure into other ideas.