i'm so glad you started this thread!! =D i myself am trying to start... not actually a magazine but it is a manga "label" or brand name. sadly not much is going on with it because i'm buy with school, but our activity will increase in the summer.
check it out! it's called "lace song" and it's about shoujo manga!!
http://lacesong.co.vu
http://lacesong.deviantart.com (click "join our group" to join our list of fans and keep up with updates)
http://lacesong.tumblr.com
http://twitter.com/lacesong
i actually first had the idea by thinking about doing a magazine. then i decided i don't want to do that (maybe one day in the future?). so instead we just simply are a group of aspiring mangaka who have come together to talk to each other and help each other and also, advertise each other. and we are going to do events together, like our upcoming contest and future artbook =)
i completely agree with @keii4ii . other independent manga labels or comic labels seem to be pretty wide-ranging in terms of what kind of manga/comics are there. in lace song, i wanted to narrow the focus. we are a group that mainly focuses on cute/pretty art, bishounen, romance... typical shoujo things. though other genres are mixed in... still, we are centered around that shoujo focus. i wish i could find more manga labels with a narrow focus. i dislike the ones that are too wide-ranging in what they accept because i think a group like that lacks focus and direction.
LS is off to a slow start so far but i have hope that as time passes, we will get better. i hope one day LS is super popular and has many good quality mangas being made. we might become a real company one day who knows. so yeah i am very interested in other people who are doing things like this. i think if you want to start your own manga label, go for it... but there is a TON of planning involved and it's not easy.
(on the other hand, are you trying to start a site like inkblazers? that was just a general site where anyone can upload their comics. so if that's what you want then ignore what i said about narrowing the focus.)