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Yeah it can become a nightmare if the shop owner is actually the club himself. It happened to an old mate of mine all the other club/teammates wanted to support his new bike shop but also wanted mates rates on everything and expected to be able to pop in at any time and queue jump the mechanics job sheet.
Speaking in more general terms than profit/loss, if I were in the same position, I'd aim to encourage a community of cyclists around the bike shop, weekend/weeknight rides, accommodating for novices, be generally the best and most helpful shop going, nice place to be, get a good rep with local clubs. Hopefully word of mouth will then do some of the advertising for them. The shop I use is local to my work and the main 'sales' guy there is always the most friendly, helpful guy, happy to chat about bike stuff and generally a nice chap. Always happy to give them my trade.