This was exactly my experience of "consulting". I too was between jobs, and it seemed like an idea worth trying. At the very least, something interesting to keep me occupied while unemployed. And it was an interesting experience to set up and run a company, which I don't begrudge. But when I looked at my effective hourly rate, it was below minimum wage.

It did give me some perspective on running companies, negotiating contracts and billing with an hourly/daily rate vs fixed price per contract. I would certainly increase what I was billing by several times were I to repeat it, but having a sustainable source of business before starting would also be something I would factor in.