My guess is you should look at the entire business model of running a studio and consider why so many studios are out of business.
Some issues to consider:
- what would your community near you think of you running a studio? If your out in the boonies, fine. If your in a city in a home, you'll need to invest in soundproofing the studio to keep sound from escaping.
- music equipment is now reasonable for the masses. How would your studio be convincible for them to forego their bedroom studio for yours? Yes a UAD interface , decent computer, mics will cost you a lot. However, for about $5,000 you are fairly close to a large studio in quality.
- what is your overhead per hour to make a profit. Wear and tear on equipment, commercial insurance for your gear, exposing your studio to theft and/or damage from patrons, etc.
- who is your local competition?
- what is the average salary in your community and who is your target market?. Where I live a lot of jobs are < $15 an hour and a city of about 200,000. This means I'm not going to find a lot of clients.
- if you live in a large city with a lot more people, who is your competition? What do you do better than them? Remember, a lot of musicians may find a studio a commodity like what am I eating today as I drive down a main road of fast food restaurants.
- how many contacts do you have that you can convert to clients? Do you know a lot of musicians? Business that could use your services ( commercials, etc. ).
- How do you market a music studio? Word of mouth, advertising? Where should you market your business? Music stores obviously, craigslist (maybe)? I believe there is a point like a lot of business you need a lot more capital than you can muster
to invest in the kind of equipment,location to project a strong image of a 'studio.'
- And always consider the question, 'what do I not know?'