My situation is different than some. I have a pretty good and fairly dependable income from doing an average of 200 shows each year. (09 and 10 were down because of the economy). So I would be adding to my outgo and detracting from my intake, which is good for a diet plan, but I am not much of a risk taker. IF I were going ahead with it I would consider the following:
1. How much money would the building make if I rented it to someone else, such as a daycare.
2. What would my monthy outgo be for mortgage, taxes, insurance, two or three employees.
3. How much would Paychex charge to do my employer paperwork.
4. How easy would it be to sell the building if I found myself losing money each month?
5. Would I become a non-profit and thus qualify for more possible grants?
6. What businesses are permitted in that zoning? Could I have a room with a separate door that sells party supplies? Could I have a recording studio for rent in the evenings? (Most likely.) Could a church group rent it for classrooms and have a large enough room for meetings on Sunday mornings?
You can see that I am an idea person. I'm just not very adventuresome. For example, you can imagine a recording studio where kids can make a DVD lip synching to a song and playing air guitar, bongos, etc. during the day, but musicians can rent at night to make the real thing.
Church groups are often looking for places to meet and come in all sizes. I assume that Sundays before noon are really empty times for birthday parties, but I may be wrong.
With a building of that size I could have a room of synthesizers with headphones and hire instructors to teach groups of home schoolers at a time. OR I could have tutoring in the afternoons. When they finish their homework they get a certain amount of playtime in one of the fun rooms!