Join Date: Nov 2005
Posts: 4,308
Can you describe the extent of your web page making business right now? Some people have a knack for finding quality clients and they tend to do very well. So I would lean to #2, but it's not for everybody.
And I don't see how this is stopping you from finishing your Master's. You should be doing that as default, so that you have more options later.
When you finish your Masters, you can look at what you have with your IT business and compare that to any jobs you are pursuing.