If you're looking at a night club/disco I'd say forget it; it's too competitive, too many non-loyal patrons who jump from hot spot to hot spot, etc...
If you are looking at a pub/dive bar/sports bar and grill I'd say it's a very solid investment. Generally, you build up a very nice loyal client base and as long as you offer quality food, quality beer and fair prices, you should be in business for a long time. A hot waitress or two will never hurt either, but service > looks for that kind of place so make sure she has both
