Perhaps a decent analogy is the difference between dining out and running a restaurant. Once the honeymoon is over you realize that you're running a business that has large capex and terrible margins. You also might be in a city (Seattle, SF, DC, etc) where you are competing with well-capitalized juggernauts like WeWork.

And despite your desire to create a community and engender loyalty, most coworking customers care about price, proximity, amenities and community in that order. I realized within 6 months that a small, boutique coworking space in Seattle wasn't creating sufficient added value to the community and was a poor use of real estate, money and my time.