Yes. I have made thousands doing this exact same thing. A couple tips to remember:
- Stick with the .COM for now. 99% of businesses want the dot com
- Only buy a domain that somebody else can make money with. This is SO important. If you cannot think of a way to make money with the domain, then DO NOT register it.
- Stick to 2 & 3 word combinations. Brandables are risky but everybody likes a good 2 word domain
- Learn how to properly respond to inquiries. This is 80% of the job.