There are many considerations to make before starting a new journal. Please review this form for an extensive list of questions to review before starting a new journal.
Although this guide is intended to assist journals in answering some of the questions contained within this form, it is highly recommended that potential journals review pages 1-6 to understand the scope and complexity of journal publishing.
There are many benefits for journals that move open access such as the potential for increased readership and citations. That stated, the transition from a subscription-model to open access requires planning and careful discussion with the journal's stakeholders.
Harvard Library Office for Scholarly Communication has compiled an excellent guide for journals who are considering moving to open access:
Cerejo, C. & and Rajagopalan, J. (May 15, 2015). Tips for Journal Editors Transitioning to Open Access and the Role of Mega-Journals in the Publishing Landscape. Retrieved from http://www.editage.com/insights/tips-for-journal-editors-transitioning-to-open-access-and-the-role-of-mega-journals-in-the-publishing-landscape
Meadows, A. (March 4, 2015). Flipping, not Flopping: Converting Subscription Journals to Open Access.Retrieved from http://scholarlykitchen.sspnet.org/2015/03/04/flipping-not-flopping-converting-subscription-journals-to-open-access/.