if its a community of people that like to pay to feel exclusive - sure it will work - otherwise no it will most likely fail - you would need to be providing information or value others cant get anywhere else - usually with business executives and leaders

Communities have value and power in their size - so growth of the community is key to success

how do you grow a community - just focus on being part of the community, a great source of information and discussion of like minded people - remove spammers, focus on quality and let the community grow -

once it grows you can find so many avenues of monitization - depends on the community and how you choose to try and monetize it