For those of you who started a studio themselves.. what is your advice?

Actually I'm in your same situation...I've just started a free promo song for a band that will play at metalcamp and probably later I'll be record them full lenght album. It's a really good opportunity.
My main thought is tha place I'll use as a studio. Actually I use my bedroom and my girfriend's holyday house (for tracking drums) but I can't work in this way. I'm very undecided: buy an house with a basement (but probably it will be little and with neighbours much space go away for insulation,etc...) or rent a place. Renting a place has some pros and cons: if you rent a place you can't do all the works you want because it's not your, for example holes in the wall to put the glasses between control room and living room, so it's better to find a very good place that doesn't need too many works...
 
Sorry I don't have any experience, but I do want to comment.

I'd say if anyone on here (that hasn't already started/or is working in a studio already) could make it in this business I think you can dude.
You got the chops. You got my props.

All you gotta do is go Augustus on this motherfucker on some Ancient Rome status and conquer.

I'd say ,however, to have a back up plan and be smart about everything. Don't let things get to you. They get to me and it sucks,


so godspeed sir!
 
im using my brother in law's storeroom to make a small studio for small bands to record their songs in my town. I only have to pay him every month depends on how many hours i spend for recordings. Tht money is only to pay for electrical usage.
 
I'm moving at the moment so i didn't even see this yet :)

Alot allready has been said! Thanks for the input!

And most details that have been covered are also things i was allready going through.

I have allready realised that this in the first year/months or so will probably not be enough to feed us both by the long shot, i am more then happy if we keep are heads above water.
So the fact that we will still probably have to have a 9/5 job half of the week to pay the bills is something i have allready taken in acount ;) so that won't be a suprise i guess!

And obviously being more professional is the whole point of doing this!
Meaning:

Were missing out on a huge chunk of the music going on in our neighbourhood right now.. metal is about the most non profitable music you can choose to work in around here.
There are alot of choirs/musicschools/brass and blues/jazz/pop/folk and cover bands that we are missing out on right now.

Because those are the people that don't want a guy in a rehearsal room/youth centre that records music there and mixes it in his bedroom (if his results are better then most commercial studios around or not!).

We won't get any further then what we allready have if we don't take this risk i guess.
People need to see your serious, and i would be spending more money then what i'm asking now i wouldn't take me seriously ;)

And its like kev said: if you do charge a sizeable price, people strangely enjoy to pay it (yes marketing pyschology) and it gives you a more classy reputation in your market position!

I'm positive that if:

1: We have a good contract so that we won't get into trouble, if that may come.
2: We look at all expenses carefully before we get into it, and have a plan for if it doesn't work out.
3:Have an overhead.
4: Have a steady income next to the studio
4: Advertise ourselves.
5: rent out the liveroom as a rehearsal space.

We will have no trouble keeping it going.
Allthough it will be hard work at first.