If you are in an area where there are lots of potential students and not much competition, it could work... Maybe.

If you have some capital and don't have the experience to manage a business, you could hire a manager.

If you have enough dance experience, you could be the dance director. If you don't have that experience, and have some capital, you could hire a dance director.

If you only have enough experience to be an instructor you could do that, and let your employees take care of every thing else, and you could be the owner, provided you have the capital to set all this up.

If you have lots of buck$ and no experience doing any of this, you could find someone that does have all that experience but no bucks, and set up a silent partnership.

If you don't have any starting capital, go back to your old job.