internet has a cheaper startup cost, you can make some profit or at least have the thing pay for itself by selling ads, and it reachers a much bigger audience.
there is another way of course which is you launch your magazine in print and the website works as a teaser to get people to subscribe. of course the managing of subscriptions is a royal bitch, even big companies fuck it up on a regular basis.
so i'd go for online first sell some adds grow slowly until you can afford the costs & risks of printing.
if you're going to print anyway you could check out arthur magazine which grew from a little local thing into a respectable publication (though full of hippie ideology, but whatever) and all of this while being distributed for free.
anyway man hm best wishes & all that crap. if i can help let me know.
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