I've recently started my studio, though I've worked as a freelance engineer for years, as a sideline. I started another busniess with a partner, which was successful enough for me to finance my studio gear and put away some rainy day funds to get started with.
I'd say:
Understand business principles. This is important no matter what business you're in. If you don't understand basic accounting, you may have some troubles. You need to know how to track your advertising success rates, figure out where you're having success, etc.
Make sure any partners you take on share your vision and expectations, and be sure you've agreed to a shotgun clause, in case one of you wants out at some point.
Read "
The 22 Immutable Laws of Branding " by Al and Laura Ries. Probably the most important business book I've ever read, and one that made a world of difference in my previous business.
As to specifics of the studio biz, I can tell what's worked so far for me, and for studios I've worked at.
Try to be narrow. Be the guy for whatever genre/application. If people say "Who records christian music?" anyone in your town should know "Oh, that's this guy here (you!)"
Too many studios advertise with "We can record anything! Rap, Hardcore, country, jazz, metal!" Which just tells the consumer that they aren't very good at any of these.
Be very realistic about your goals, and DO THE MATH! If your goal is to make $40,000 a year after expenses, and you're going to charge $15 an hour, and your "nut" is $2000 a month(ads, electric, loan payments, etc), you're going to be working a hell of a lot of hours! And most likely, your town won't have that much business for you (unless you're the only guy doing your genre in a major metro area.) In this example, you'd need to book 12 hours a day, 7 days a week, with no vacations.
On the other hand, if you can charge $40 an hour, you only need 6.2 hours 5 days a week, with a 2 week vacation!
I don't know how much of a business education you have, but more is better. Read everything you can about recording, practice it, get gigs. But also dedicate a large part of your free time to learning about business. Those skills will always be with you, and will help avoid some of the pitfalls we all run into.
You may be better off nurturing a good relationship with a local studio, and working freelance. Your overhead then is almost nothing, you get to work with great gear, and if something breaks, it's not your problem.
Anyway, lots to think about!
