To get an overview on the subject, pick up several magazines with various circulation figures and check the ad rates for each. You will then be able to more accurately determine your own ad rate schedule and scale rates according to the space you sell from a single one column inch to half page and full page ads. Naturally, the big money is selling the larger space, but the majority of steady advertisers will be using the smaller one and two inch ad sizes. Many advertisers, especially beginners, swear by classified advertising, so you should offer it. Most authorities agree that classified advertising, dollar for dollar spent, is the advertisers' best buy.
Results are usually smaller, but so is the cost to advertiser compared to larger space.
Your ad rate should be approximately 5 cents per word per thousand readers. A magazine with 10,000 circulation would then charge 50 cent per word. All such discussions about ad rates is speculative at this point. After your first issue is in print, you can analyze the entire situation and make price adjustments as necessary. This is probably the most difficult part of putting a magazine together, and if you don't have prior experience, you may have to employ some outside help.