Absolutely you do need good recipes or you could just borrow some very good internet recipes.
It can be done and yes you can make money. I'm proof of that for the last 2 of 3 years any way.
It all depends on how you approach it. Opening a brewery is way to much for one person to do alone. You have to realistic about it. New stuff and labor cost a lot of money and unless you have that million, you have to borrow it and pay it back. So comprise is the rule, (for me anyway), everyone likes the nice new brew house and all that is needed to make it go, who doesn't. I didn't have that million, but I did have craigslist and the benefit of a mentor who took the same plunge a couple years earlier to lean on. (Thanks Leos!)
That said my equipment looks like huge homebrew equipment made from dairy equipment and plastic fermenters. I have had to build a few things like a keg washer, bottler and labeler. There is a lot of work involved, a big thank you to the forklift inventor. I was fortunate to have had a job in manufacturing so I had a very good idea on the how boring this work can be and is at times. A brewing education would be a plus. Just like any occupation you have to really be into it, to survive and thrive in it.