As in any business, it depends more on your method, connectivity & some luck.
There are already a lot of live music cafe out there, so what make you think you can muscle in on a slice of the pie. So the above will play an important part.
It seems that you are not having a particular theme to run the place, which does not bode well. A saying "A jack of all trade, but master of none". Practically all drinking joint with music have a theme to follow, this is the basic model to work on.
You must look at the customer viewpoint. (Example. If I like oldies english rock, and I like a pub atmosphere, I become a 'resident' there. Then the next week they host a xinyao session, and I happen to be there, my mood will be lost, I may leave early, drink little. Worst, I go look for another pub to become resident.)
So although your idea is well meaning in theory, but practically, you can't hold on to regular customers. In business, it's the regulars which keep the business alive, casual customers are less important to the well seasoned businessman.
Having a regular theme is more advisable, and the norm is for pubs to have one night or so with "Free Jam Session". A bit trial and error for different pubs.
Just PM me if you need help on the music equipment setups.