I am thinking to allow students and or designers access to the work
space for a monthly fee then charge accordingly for services and
Charge enough to be able to replace equipment that's mistreated.
Will there be a monitor?
I've never heard of anything quite like what you're doing. There are
models for you to learn from: group metalsmithing studios, which
often share large equipment and torches and may or may not have a
locking personal bench. The other model would be Hacker Spaces. Some
of those, in the spirit of open source, have shared publicly their
costs and how they work.
Oh, and make sure you have plenty of insurance.
One more thought for you: as long as you have the space, why not
expand it to include additional services? Classes, bench rental?