If you're going to have an online literary magazine, you're going to want writers and artists submitting works to show in it. Otherwise it's just a vanity press for your own writings, which isn't much of a magazine :) That's a chapbook. So the question is, then, how do you attract them in?
Online Literary Magazine
Literary magazines are like snowballs. If you get high quality work in an issue, it will be praised, passed around, and all sorts of people will want to be a part of it. So the key is to publish it as high quality as you can - both in look and content - so that you draw in that quality talent. Since you cannot start with content (it is one of those Catch-22 situations) you have to start with look. Make sure you set up your recruitment web pages and "about us" pages in as high quality a manner as you can. Get a design person to create a logo for you. It's amazing how much difference a high quality logo can make. It represents your whole brand, your whole inspiration!
Don't just think "Oh it's under construction until later". These pages are the pages which will draw the talent in to you. Put in a serious effort to make those pages as pretty as you can, and reflecting your theme. Use colors which have meaning to the genre you have chosen. Use images that also reflect that aim. Lay out clearly your submission guidelines, and start taking submissions. It can easily take several months for the first round of submissions to come in, as people find you, so give them that time.
Post on forums and newsgroups, talking about your new magazine. Ask for advice and support. People love to help out and it will build interest in your efforts. Go both to writing areas and to areas specific to your topic. Talk with friends and family. The more you can get the word out, the more that you will begin to get input.
Once you are live with an issue or two, it will get easier and easier. Your works will speak for themselves, and people will naturally want to be a part of what you have created!
Online Literary Magazines
Publishing Your Own Online Literary Magazine
Getting an ISSN
Focusing on a Genre
Choosing a Schedule
Online Design Ideas
Print and PDF Considerations
Printing a Paper Copy
Charging for Access
Running Ads in your Review
Paying your Writers
Types of Submissions to Accept
Enjoy your Creation
You Can Get Free Gift Cards For Shopping, Searching and Discovering What's Online at Swagbucks.com