If you're in LW for the money then you're in the wrong profession. Just gather and sell, gather and sell. Skinning, mining, herbalism, done. With LW (and other crafting professions from what I've heard) you'll usually spend as much or more on patterns/training and funky mats as you make, it can be very frustrating, plus it takes time away from leveling. I almost gave it up several times.
At level 60 and LW 315 I'm finally glad I've stuck with it though. It's cool to be able to craft your own leather armor, and if you keep your skill up you should be making stuff that's right at or above your level so you can upgrade without waiting for drops/rewards or buying things in AH. Pretty good druid stuff for yourself all the way up through the levels too. Wild, Dusky, Nightscape, Voodoo. I'm in Outlands now with the legendarily awesome drops and actually equipping stuff I make in the Thick Draenic and Wild Draenish series.
Here's a few ideas on the $$$ side of things.
Armor Kits Contrary to what mrclaus said, I myself have always had good luck selling armor kits for a profit. And yes they CAN be used even on cloth armor. I always keep armor kits on hand to give out as tips for opening lockboxes and helping me with quests, and people seem to appreciate them.
Quivers/Ammo Bags They sell well for a decent profit, especially if you can get the potions cheap off an alchemist bud or guildie.
Blue Stuff There's some good blue pieces you can make that generate a profit IF you're willing to farm the mats, namely Barbaric Bracers (7-8 gold on my server) and Perfect Deviate Belt (16-18 gold on my server.)
Quote:
leatherworking doesn't make money until you're like 365+
I always heard that, but just hit 315 and have found that the stuff I'm making above level 300 (the Wicked (specifically the pants, 7-8 gold), Runic, Thick Draenic, and Wild Draenish series) all sell pretty well. The last two are especially great because they require nothing but leather and thread. Nice cheap leveling and income cuz you get all the mats yourself if you're a skinner (can't imagine LW without skinning, but I've heard some people do it.)