Running a small domain registry is an easy job. There are good RFCs for all the technology, your customers are a few dozen tech-savvy registrars, and you have low scaling demands. There are some availability concerns, but the knowledge for doing that right is now common. You hire a coder/support engineer to keep the servers humming and a business guy to create and maintain registrar relationships and otherwise just print money.
I thought about getting into the business in '07 but realized the entire thing depended on ICANN advancing the gTLD expansion and was a bit too risky. Four years later with minimal progress (.xxx isn't one of these, it's been kicking around over a decade) I'm glad I didn't start that business. Though ICANN has moved that along this summer...