The second part of the equation is: how much total saleable honey (lbs) will a hive make in your area and at what price can the honey be sold.
Revenue is Lbs per hive per year X $ per lb minus expenses to harvest it, extract it, bottle it, and market it.
The better business model is decided by whether the nuc makes more (Net) money per hive or if the honey does.
I make huge per hive honey crops (relatively). Hence, -The Honey Pump- But it is a lot of work to go get it. I can make more per hive net money with much less work selling nucs, provided the demand is there. When conditions are right I can pull 3 to 6 nucs per hive. Some years it is more nucs. Other years it is more honey.
As sadisric as it sounds, I really do like years when there are high colony losses. In such times I am happy to bee the go-to guy restocking the local apiaries losses with my nucs. That makes the decision easier; whether I am laid back and cashing in on nucs or getting a good full body workout making honey that season.
This year 2021, 2020/2021 the local honey market price has been low. Winter colony losses were remarkably high around the region. I faired well over winter. As a result this has been a high nuc demand year. Net honey will be down as I had decimated a good portion of my colonies for nucs and now rebuild the stock numbers over the summer. But my pockets are flush with raw cash from nuc sales that easily outweighed my projections for a 2021 honey crop.
In the end I am saying some years nucs make you more money other years honey is the backstop and can make the more money. But hands down year to year, if you have the demand go produce nucs. It is a lot less work. But do not sell yourself short. Know the value of your costs and effort to make them. Know what you have spent into them and ensure the price you get is well worth your while.
Hope that helps!