I would say it depends on your location, how much you charge, how much people are willing to spend and your over head costs.
For example I currently live in an area where dancing is frowned on therefore anyone who opened a dance studio would not do well at all! But if you live in an area where people like to dance then I'd say you have a good chance of doing well if you open a dance studio.
BTW: I'm not saying you have to tell us where you live. In fact it would be better not to. I'm just saying location has a lot to do with how well a business will do.
Overhead cost (as you probably know) have to do with how much you pay in rent (if you do rent) electricity water, salaries and whatever other bills you have.
I think your best bet would be to get advice from professionals where you live.
