another miniscule post, about small presses
You need to begin with money. Publishing a book (trade paperback, 256 pp., 100+ galleys, 2,000 copies, good art, professional prrofreader [sic], friendly royalty rate) costs in the region of $10,000. Publishing two issues of a literary magazine (perfect bound, 72 pp., 2,000 copies, etc.) will cost about the same (assuming you choose to pay the contributors—and you're a nice person, so you will).
So, first things first: get a real job and prepare to stay up until 4 a.m. a couple of times a year. In the meantime, you could always start a zine: 200 copies of a photocopied zine cost much less than any of the above. When I started LCRW my rule of thumb for the cost was inspired by the billboards in winter in Boston offering cheap flights to Florida and the Caribbean. Since my blood was thicker then and I didn't mind the cold (don't believe anything else you hear), I figured I could spend what I'd drop on a weekend in the sun on a zine, say $200-400, without it seriously impacting my bookselling self's bottom line.
I have to say up front that I've never even seen $10,000.