What are the basic considerations required to set up a Journal?

We have witnessed (heard or read) about the birth of new academic journals many times. I have a vague idea of how that happens:

  • A scientist or a group of scientists recognize the need for an academic journal in a specific field or a new scientific society considers to publish a journal,
  • they choose a group of experts as founders and/or chief editors,
  • they determine the scope and some basic rules for the journal,
  • they decide about the number of issues in each year and similar things,
  • they find a publisher or decide to publish the journal entirely on the web, they establish a web site for the journal,
  • and then they announce the new journal in the related scientific community.

Did I miss any stage? But I suspect there are lots of discussions, negotiations, arrangements and cooperations behind the curtain, which public (the rest of the related scientific community) doesn't know. So my questions are:

  • What is a typical procedure for establishing a respectful academic journal?
  • Do financial considerations play a key role?
  • Is there a strong need for an ISSN before commencing?
  • What is the minimum educational qualification expected of a managing Editor?
  • Should the founders be top experts (to some degree) in the field?
  • Is it important the new journal be affiliated to a scientific society or be published by a recognized publisher?
  • Why are some new journals published only on-line?
  • What are the influential factors for the success of a new journal?
  • How do the founders choose the editors?
  • Can a journal be owned by one person?
  • What else should one consider for initiating a new academic journal?
  • Please share your partial answers too if you don't have all the answers.

    Disclaimer: I am just curious and I don't intend to initiate any new journals in the near future.;)

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