Pros
Some of the pros are the ability to make cash tips daily, the flexibility with the schedule, and the long term relationships you could potentially make with your coworkers.
Cons
The low pay, the high instability with income (some months you'll make a full time's income only working part time and then other months, you'll need a second or even third job to makeup for the lack of income), no benefits, and nothing to work towards once you've reached red level status as a waxer. Which is why almost all the waxers who reach red level status, stay there for years.