What should I consider when offering to teach art lessons?

I am a fine artist and over the course of my career I have been asked if I would be willing to take on students. I always responded that I do not teach.

However, as of late with the poor economy, I have been wondering how one would go about doing this and what the pitfalls could be.

I also wonder where and how one advertises that they are accepting students? Craigslist?

Also any information on what costs would be involved would be appreciated. I really do not have the finances to invest a lot into this venture.

Thanks!