Allow submissions, of course. Create two separate sections: one for articles, and the other for serialized novels. Once you develop enough traffic and interest, you can start publishing and selling ebooks through the site (using the most talented writers, of course).
You can also develop a section that accepts book reviews. Slap an Amazon.com affiliate program onto that.
Solicit established or semi-established writers for how-to articles, or their perspectives on writing. This way your site is not only a resource for those who want to read original stories, but also for those who want to hone their writing craft.
I have a site similar to this right now and I've been sent manuscripts before from up and coming writers. They ask me to review/advertise them. I'm selling the site, btw (I just don't have enough time to maintain it).
Hit me up on ICQ if you want to know more
