My shorts make me as much or more than my longer works, but I write erotica and erotic romance. I have, however, seen other authors outside erotica and romance do well with shorts. And Wool, I believe, was released as serial shorts, so that is a perfect example outside erotica and romance. Some genres are better suited for shorts. IMO these would be romance, erotica, SF (check out Lightspeed magazine), fantasy (e.g. Leguin did a lot of shorts/novelletes/novellas as I recall), and horror.
With novel-sized work, you're creating against that old adage of don't put all your eggs (words) in one basket (novel). You spend months to years working on a novel. You spend at most a couple weeks working on a short, if not just a couple of days. Devoting time to shorts, you learn to write more concisely. This will benefit your novels (which you can work on alongside the shorter releases). When you do come out with a novel, all your shorts have worked at building an audience for you. Because you have a steady stream of new releases, you will more readily discover what kind of stories readers want to see from you and receive other helpful feedback.
Most importantly, from a sales perspective, you also significantly enhance your discoverability. In a year, even with a regular job, you can put out 30+ shorts and collections.
If you are interested in serial shorts, I would suggest you check out http://thesecretstorylair.blogspot.com/
Best of luck!