Having been producing editor of a very niche music magazine (actually it was more of a very well-produced and printed fanzine, but I always hated that word!) in the late '90s, I can testify as to how much work it involves if you can't afford to pay a team of professionals to help you produce it. We started off by publishing quarterly, but as a single mum with a full-time job it was really difficult to meet my own deadlines, and after about 9 issues I couldn't keep up with it any more (not if I wanted a real life, anyway) and had to put it to bed.
Our advertising rates were dirt cheap and the magazine was extremely niche (and very popular with readers and musicians/record companies etc within that niche, and well-publicised by other media in that niche), but as I didn't have time to ring people up and hassle them to advertise, we were lucky if we got one advertiser per issue. I had friends who were supposed to be part of it all, but they did just a fraction of the work and enjoyed ALL the benefits like free CDs, free gig tickets, aftershow party passes etc - the vast majority of the work fell to me and it was HARD WORK.
If you can't afford to pay journalists to write your content for you, you need to be sure that your writing skills are decent enough that you can produce informative, well-written articles that people will want to read, otherwise nobody's going to buy your magazine.
If I were going to run a magazine again, I wouldn't even consider print, to be honest. Online makes much more sense, you can target your readers easily with banner advertising and PPC, get people to subscribe in order to be able to "access all areas" so to speak, and use that subscriber data (eventually) to sell advertising space. While you're still building up your visitor numbers, you can add advertising very easily by joining a few affiliate networks, Google AdSense, and brands' own affiliate schemes (for example Amazon - but there are others out there who manage their own affiliate schemes and don't use networks/agencies).
Even if you do go for online, it's not going to be an easy ride. If you're looking at the women's lifestyle format, you'll be up against all the online versions of the glossies, as well as online-only publications like Handbag, iVillage, sofeminine etc. There is a LOT of competition out there.
Like others have said, unless you can find a niche, you'll really struggle to get a magazine (online or offline) off the ground. Be prepared for lots of work and lots of expense, and a long wait for your circulation to pick up. It's not impossible, but it really isn't as easy and glamorous as you might think!
Good luck
