Pros: Its a fun business at times and you get to do your own thing. If you love the music you are doing, then great.
Cons:
You'll hate 1/2 the music that comes your way.
The equipment will cost as much as your house or more.
You get to work with some fucked up people.
Disrespectful musicians will piss all over your bathroom and stop up the toilet and have blowouts all over the wall, spill shit on the floor, screw thier girlfriends in places you dont want them screwing, leave thier grabage everywhere, and knock over equipment and rip cords out of headphones. Daily.
Your shit will get stolen and you'll notice it too late to be sure which band took it.
A "real" mixer will cost you over $20,000, probably over $80,000
If you rent or buy a building, there is at least $500 a month, and or $100,000+ right there to recoup from the start
parking, you need good parking
your primary working time will be late into the weekend hours
you gotta know what you are doing BEFORE you start
You have to be good enough and cheap enough to take business from the rest of the studios in town. If you arent, you wont.
It helps a lot to be a musician and understand what it is these guys are doing and going for. Probably my best asset in the biz.