Bulk SMS business is all about sending large number sms messages at very reduced prices.

Making money from it depends on which part of the business you want to enter into. If you decide to go for the reseller option(cheaper option), your success will depend on ur market. 

My brief survey of the providers show a trend; its cheaper to buy my sms units.
Check out the pages of some of the dealers
http://www.aratext.com/pricing
http://www.signonsms.com/price_list.asp
http://www.smslive247.com/
http://www.50kobo.com/
http://www.etextmail.com/
http://www.bbnsms.com/
http://www.signonsms.com/price_list.asp


The setup is simple, get a website and integrate your site with the sms services from some of the websites or just create an account on any of the sites above and send your sms from their website, this way you don't have to get a website. You then concentrate on getting customers.

What is your strategy? how do you get customers to use ur service?...this is the crux of the matter.

With the pricing(I'v not seen any one cheaper than N2 per sms), you need to really get a lot of people to use your service for you to make any money.

The good news is that setting up the website is something you pay for once. The maintenance costs are very minimal(below N10,000 per annum).

The bottom line is this, all businesses can either be lucrative or not, its up to the business person. You need to upgrade your marketing skills both online and offline.