I live in Europe and have been a member of such a club. It does have some disadvantages. You'll have to be prepared to do quite a bit of work, the space must be cleaned and table maintained, vacuumed and balls polished after use. Members must be vetted very carefully...
There would have to be rather strict rules as well. People are going to make mistakes, like forgetting to lock up after themselves etc, so you'll need video surveillance to protect your assets. You'd be surprised how impractical and irresponsible some people can be with such things, even if they may have very good jobs and may be upstanding members of the community. With alcohol served and/or consumed on the premises, you are taking a bit of a risk.
I'd conservatively estimate that your problems will increase by a factor of 10, from that alone.
If you have 5 tables, I'd probably recommend no less than 15 members and more would be better. I think you'd need to run it like a club, with a president that has the final say on things. The clubs I have been a member of, have all be very professionally run with high class equipment and carefully vetted members. If you half-ass this, it's going to be very demanding to keep the place acceptable, and there may be conflicts. A way to avoid it is to make sure the members want the same things. Some may want the best equipment, while others just want a place to be and don't really care about such things. This sort of difference of expectations will lead to conflicts in very short order. Make sure that everyone is up for working to keep the place nice. It's more work than you'd think, to run a nice place, make sure that everyone knows exactly what is expected and make them sign contracts that are very specific. I have known of such places going to hell in a handbasket in very short order, because only a couple of the members did all the work. They of course tired of this and quit, and the entire thing disappeared.
If you choose to have a low membership count, you need to supplement the income with hourly pay for anyone who isn't a member. That is a good idea in either case, to avoid someone bringing 7 people and not paying. If people can't afford a low, reasonable hourly rate, you don't want them in your club, trust me. Trouble can come from someone becoming a nuissance and refusing to leave, maybe someone brings someone from the outside who is drunk and beliggerent. People from the outside may also force their way in. What if there are only a few people left in the evening, and something happens? You need to think about these kinds of scenarios and at least consider some sort of security arrangement, even if it is with someones cousin with a baseball bat who lives down the street. At the absolute minimum, there must be cameras. These things will probably happen very rarely, but think about it, at least.
