If you have always dreamt of starting your own literary magazine, there are many factors to keep in mind. Besides the obvious steps of choosing a title and deciding on a format, you also need to consider the business side, including the possibility of having to pay taxes on it.
When designing a literary magazine, starts with the basics. Decide if you will do a print-only, a web-only, or a double magazine. If you are on a tight budget, the Internet may be your best option, as it costs next to nothing to set up a basic website. If you have decided on a print format, however, you need to address basic issues such as format, length, design (color or black and white), and quality. A literary magazine printed on glossy paper will not cost you the same as one made with recycled pages.
A perfectly bound literary magazine has the look and feel of a real book, but also a similar price tag. Once you have a good idea of what you want in a literary magazine, you can start calling local printers or doing online searches to find price quotes. Companies like Lulu.com allow you to print one copy at a time, which can be a lifesaver if you don't have the money for a large print run.
The next step in creating a literary magazine is to choose an angle. Do you want to publish poetry, fiction, or a combination of both? What about artwork or photography? Who will be your contributors? If you are planning on posting an open call for submissions, you should create a tip list for potential writers, and decide how to make it publicly available.
If you plan on publishing a literary magazine for the long run, you should consider getting an ISSN, the magazine version of the ISBN. ISSNs are available for free and can be obtained by mail after presenting an official form and a copy, or mock-up, of the magazine. Having an ISSN will allow you to sell your literary magazine through online retailers and to have it placed in a library's catalog.