I have a friend who shall remain very nameless (on the off chance that he wants work in the industry again) who was unemployed. When he saw the income potential of phone psychics, he decided to apply. He wasn't psychic and doesn't believe in psychic phenomena in the slightest, but such minor issues weren't to deter him. So what was he to do? He lied all over his application about the Great Psychic Masters that he studied under. Curiously, the psychics didn't perceive that he lied and he got the job.
Next problem: how does someone who's never done this before actually do it? He went out and bought a deck of Tarot cards but, try as he might, he just couldn't remember what all of them meant. He photocopied the instruction manual, cut out the description for each card and taped it to the card. When clients called, he would lay out the cards and read what they said (as an ex-radio DJ, he has a great phone voice). His clients loved him.
He discovered that many of the people who called these numbers were in serious need of help. Drug addicts, abused women, and just flat-out crazy people would call him and ask questions like "what am I doing that makes my husband beat me?" When he would field these calls, he would tell them that he had turned over a "mentor" card. This meant that they needed to seek out a personal mentor to help them with these issues and, by sheer coincidence, my friend just happened to keep a list of toll-free help numbers by his phone.
If you ever get a chance to meet anyone in this industry, see if they're familiar with any of the underground "psychic industry" books that are circulating. I've read through a couple of them dealing with psychometry and I'm astounded by the sophistication of them. One of them is entitled "T.H.E.S.C.A.M.". The letters stand for the seven areas that you need to try to touch on in any cold reading (qw/ travel health education sex ??? adventure money / -- I can't recall what 'c' stands for). They also discuss how to get the people to tell you stuff and how to make them think that you brought it up. Very informative.