Host fun tournaments often. Things like blitz, bughouse, etc. They may not improve skill as much as a class, but they keep people interested. Also, offer trophies as rewards for younger students and cash for older ones. The cash prize for a tournament can be derived from the entrance fee in part, so you won't bear the whole financial load.
Chess Club
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How to make a chess club more interesting? How to generate new members keep them interested in chess. Please leave a comment, any remark would be helpful...