Can owning a local Coffee bar/ Bistro/ Private event venue be lucrative

There are obviously many variables to consider, but in general, if you were the owner/ operator of a coffee shop that sold a breakfast/brunch/lunch, but also had a venue for live music/ private events, could a single business prove to be a lucrative venture.

I know several O&G guys that own restaurants/ wine places, and im wondering if they do it because its a good way to diversify, or because it just happens to be a passion and they have the disposable income.

It would depend on the location, type of product/services offered, quality of the service/product, and quality of the management/staff.

I'm sure some do well and others lose their arse.

The figure I've always heard is that 85% of new restaurants go out of business within 2 years. I would guess this concept falls under the same group.

The biggest variable is do you have something to set your place apart from the 85%? Right location, good concept, proper management, cost controls, ect.

I would say that it's a very risky investment overall. That 85% accounts for businesses that close in 2 years. I don't know what the numbers are on profitability for the remaining 15%. Likely there are a lot barely breaking even. It's also a lot of work to own a place like that. You either have to run it yourself or turn it over to someone else not as invested to run it.

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if you were the owner/ operator of a coffee shop that sold a breakfast/brunch/lunch, but also had a venue for live music/ private events, could a single business prove to be a lucrative venture.

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I would think so.
Had a coffee shop in my hometown that high school friends and I LOVED to go to, meet up study..it was relaxed, sold pretty good sandwiches, tea, coffee drinks. Always pretty busy, seemed to do well.
Then they "expanded" and put another location in a pretty fancy part of town. Less than a year later, both locations closed.
My guess is the fancy one couldn't pay the rent and the original location had to subsidize it.
Story is that owners came in one day, started packing up dishes, everything else, even taking prepared sandwiches and food from the cooler..employees asked what's going on and owners said "everyone is fired, we're closed".
Eviction happened later that day.
Shame too. I like supporting local business. Especially ones with good food.

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The figure I've always heard is that 85% of new restaurants go out of business within 2 years.

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Bars too. I'm proud that ours has lasted over 5 years and is still profitable. The key to a small business like that is repeat/regular customers. If you open in a neighborhood that doesn't have a viable competitor AND has the customer base to support it, you can make money.