My pops has had a bar/restaurant for over 30 years. It's the one thing that hs been a consistent money maker over the past 30 years while he tried his hand at other things(nationwide pagers, computer installation company, builder, other restaurants). The money was enough to put 3 of us through good colleges(Siena, Butler, Villanova). If I could give you some tips, they would be:
1. location, location, location! - His place is on the river with a 40 foot bar overlooking the river. There is a launch ramp across the river, which provides a lot of entertainment due to no dock and the rivers current. You also see all the boat traffic go up and down the river. People come in just to see the sites on the river. Without a good location, you might as well not even open the doors.
2. Pour a good drink - You get repeat customers this way...trust me.
3. Serve good food at a price that is at least competitive in your market - serving crappy food is not way to keep people coming back, either are high prices.
4. Do things to liven up slower days/nights - About 12 years ago my dad introduced karaoke on Monday and Tuesday nights. He has won "Best Karaoke" in Fairfield County, CT for 10 years running. People come out for this crap! Tuesday is usually his busiest night of the week. He also has a Friday special from 12-3 Pm - The first 30 beers sold are $1 each.
5. events - Just had the 30th anniv weekend party. Friday had 70's prices/foods, Saturday was 80's and Sunday was 90's. Tons of money came in that w/end even though the prices were reduced. He also has a "Beach party" in the winter with prizes for best beach wear, a Halloween costume party with prizes for funniest, scariest, sexiest and most original, "island" parties in the summer with reggae bands and pig roasts, etc.
6. Customer service - make sure you have good, fast waitresses and competent cooks. Nobody likes to wait 10 minutes for a drink and an hour for their meal.
In the restaurant business it is all about getting a core group of "regulars" and then attracting new people by word of mouth, specials, events, etc. Gotta keep it hot so you constantly have to be thinking about new ideas, menu items, specials, etc.
Good luck if you go ahead with it. Check out my signature for the link to my Dad's place.