For the venue, I think the best thing to do is see if there are any local Libraries, Scout Groups or even churches that would let you use their premises for free or for a small fee, which would likely work out cheaper than actually hiring a place (the only downside being you might need to transport terrain back and forth).
As for the monthly members fee, I'd say make it enough that, between members, you cover the cost of the place, and then have optional donations for funding group terrain/books ect as people want/need. You could also sell refreshments at the event.
Perhaps offer yearly membership that gets you a couple of months free in return for paying up front. If you run a tournament there, charge an entry fee for that and use that to fund prizes.
I'd add that it's probably a good idea to set up a Facebook page or even a website for the group, so members can arrange games beforehand and so if you need to, you can let everyone know easily if the time changes/the day is cancelled ect.
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