There are far too many variables to give you a simple answer. Have you taught for another studio? If not you should get an idea about what is involved in a studio by teaching at one or more. You need an education in dance and experience teaching. You need a space and access to students. If you have you own studio you need a space that is rent, insurance, access to a way to get the word out. You need a way to keep track of income and expenses. Paying bills is as important as getting tuition. Starting your own business is not like getting a job from someone. There is no way to tell you how much you will make or how much money you will need. The more support you have and the less income you need starting the better.
Work at a studio or or more to get an idea on what you are in for.
I started my school at 19 after working for someone else for 6 years. I started in the basement of a duplex (one year). Then moved into the basement of a house (2 years). Then rented a space in a small suburb town (7 years) then built a building with my husband that had 3 studios. It grew to school with 600 students programs in dance (Modern, ballet, tap, jazz, tumbling) programs in early childhood education,theatre, and martial arts with 17 employees - teachers and staff. I started with just myself and gradually worked up. It wasn't planned from the beginning. It took a lot of work, help from my husband and many others. I ran the school for 28 years and then sold it to get out of administration and concentrate on teaching. I still teach after 46 years and love it. I am very fortunate. Best wishes to you.