In all honesty, read Genshiken. Then see if your club fits Genshiken's mold.
If not, you've got problems. If so, you're on track.
An anime club can't be a sausage fest, or a yaoi bazaar, or filled with nothing but narutards/nostalgia fags. An actual club has to be organized around people who share a common interest and want social interaction.
If all you do is watch anime, you're not interacting. You're just a group of people who happen to be watching the same thing at the same time; you may as well be in different rooms.
If your college doesn't have a local convention, by the way, you should perhaps considering organizing one depending on a) the size of your club b) the location of your college c) your club funds. Some of the biggest cons got started that way.