A guy I work with only bar tends one day a week so he can take a day off from the studio.
When he has work he works 10-16 hour days non-stop for weeks on end sometimes.
He has a small personal studio that he can fit a band in but his studio is in the same building as a friends larger and more well appointed studio that he can use when he wants or when he has been hired out by the lager studio for work.
Both the larger studio and his own studio pay the bills with commercial work. TV, radio some movie scores and odd ball jobs like making music for defense contractor videos and stuff like that. They only record bands that they want to record. They all seem to think that recording bands you don't like is worse than knocking out a day of hamburger helper commercials (they just got a hamburger helper commercial last night).
The biggest act that I know they have recorded is Peter Buck in the larger studio for an all vinyl release. I know another guy in town who just got admitted to the Oregon rock and roll hall of fame. He recorded some of the Dandy Warhols stuff and I think Pink Martini, I don't' know what else but I know he always has work.