Old and new members gathered at the Elizabeth Street address to find a solution to the 147-year-old club's $60,000 debt.

The Workers Club venue is at risk of being sold for a figure believed to be about $500,000 if a solution to resolving the debt and other costs is not found in the coming months.

A number of suggestions were heard on how to get the club back on its feet, including turning the venue's bar facility into a weekend hot spot among locals.

The installation of a Tasmanian whiskey bar in the building's spare upstairs floor was among the most popular suggestions.

One club member called upon each member to donate $100 towards paying for the facility's weekly and monthly utility bills.

Rae and Partners corporate lawyer Ross Hart attended the meeting and said a number of issues surrounding the club "needed to be fixed" if it had a chance of keeping its doors open.

Club president Rex Swain stressed the Launceston Workers Club was safe and would continue, with only the Elizabeth Street venue at risk of being sold.

Mr Swain said a date for a second public meeting would be determined in the next week.