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Great question. It would help to know more about you (like your education and work experiences)
Also WHAT kind of a magazine and WHY?? Also HOW soon??
Do you have a location?? FUNDS??
SCORE suggests you WRITE A BUSINESS PLAN, explaining in detail your plans
to develop a successful business. Also a visit to a SCORE office could help.
Good luck, write again if you have any additional questions.
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I was just reading an article the other day that was talking about how many magazine companies were going belly up, because of the market being over saturated and the lack of advertising revenue. Does your client have an innovative idea with experience in publishing? Starting a magazine is no easy task.
There is an organization called Magazine Publishers of America. Maybe it's worthwhile to check out. I did a quick search and they have some helpful information on how to get started in this business and pitfalls to avoid: http://www.magazine.org/FAQ/2112.cfm. They also reference a few books.
Identify magazines that have started-up within the past 3 to 5 years, and that now have enough subscriptions and advertisers to sustain themselves (as FashionGal suggests, there won't be all that many). Choose one that is most like what you have in mind (not necessarily the subject matter, but in terms of size, layout, publishing frequency, etc). Find out who the person behind the start-up was, and search for every newspaper or trade article you can find about him/her. The challenges they faced and how they overcome them will likely be well-documented. That information will help you a lot.
If the start-up person is still the publisher (likely for indies and niche magazines), you may be able to make an appointment with the person and get first hand advice. If your life situation would allow you to intern for someone like that, you'd really learn the business from the inside and be able to write a credible business plan. You'd learn exactly what you needed to do, how long it would take, and what kind of cash flow to expect. The experience would also make it much easier for you to get money when you needed it.
The first thing I would do is round up everyone I knew that would contribute. Instead of print I 'd go online. Start a blog, invite contributors, make links, get adsense, collaborate, collaborate, collaborate....