Too true. Most often these small businesses go out since their planning goes awry. That or either rent/bills don't get paid, bad location, not enough customers. I knew a place in California a while ago. The location was okay, had 5-7 pins, but people were playing them. Some even from out of town.
Unfortunately, he had to close down. So yes, it's important to have good financial planning, a good location, and attracting most of the spectrum. Most people nowadays want to play the new machines from Stern and Jersey Jack, but there are other who enjoy the older pins. Still haven't found an arcade with the old EM. Maybe that will change.