I try to avoid caricatures as much as possible. They're my least favorite artistic pursuit,but it's such quick, easy money at $150 an hour, that I usually do them anyway.
These are two from a batch that I did for some teachers at a school that I appeared at some time back. I would encourage you to try your hand at caricatures if you think you have a knack for it. You get booked into an event, you sit there and draw as fast as you can for two hours and up, and pick up a check on the way out the door. I always groan when I take in a caricature job, but I don't have to wait for a month or more to get paid, which is a big plus.
Gift caricatures are my preference. Someone calls and wants a caricature of their Aunt Millie for her retirement party. They usually meet with me with one or more photos for me to draw from, then I go on over to my coffee shop and draw it up. These were done in graphite, but most of my caricatures are drawn in ink on paper, then scanned into Photoshop to be colored.
Let me know if you have any questions about caricaturing and making money at it.