You need to know how expensive it is to open the studio and then you need to know if your area has enough musicians/bands with the cash to rent your studio. You also need to know how to produce and engineer music since most bands or singers will not have their own producers or sound engineers. Figure you will need $50,000 to $100,000 just for the recording equipment (mics, amps, pickups, sound board, etc.). If you plan on offering a full-service studio, figure another $25,000 to $50,000 on instruments (yes, professional studios have instruments for use).
Pricing is easy - call around to other studios in your area and get price lists. The studio I took lessons at charged $50 an hour for the studio and $50 an hour for the engineer. If you wanted the engineer to also produce, that was an additional fee.