Good points raised here.
Not much I can add, just sharing some experience on guild leader life. While I don't lead any guilds anymore and have instead taken up leadership positions in several others, here's what I learn't from 3 years of guild leadership in a real game and several years of casual game playing in the sandpit, king of the playground and all that years I regret spent on maple<inserts a slew of vulgarities>story. Back when I didn't know better games were out there and that was what my IRL friends were fooled into playing.
1-Guild leaders get a lot of pain.
>From people who are not prepared to do anything themselves, but want the impossible. Demanding promotions, and quitting if they don't get it. The officer that hasn't been doing anything for months and QQs when he's demoted.
2-Everyone expects to be treated and has the right to be treated as equals.
>I was perceived as domineering. While not really true as I was doing what's for the greater good of my guild, and true at the same time as no one else was prepared to stand up and fight, it was against a threat they did not acknowledge, and offended half the guild when I insisted on pushing ahead with the activity test mail system to force people to reply to a mail sent round every month. Many just protested by not doing anything or leaving.
3-You gotta LOOK like you're working for something.
Everyone needs a vision. Not just oh we're gona hang out and do a few dungeons when we feel like it. Building a nation from the ground up. Inspire your folks
4-Democratic ideals
Everyone likes to have their say. Even if they don't have anything to say. People like to feel valued, from day one they join the roster. I get n00bs who ask for things that are no way possible on the guild's current position, but entertain them nonetheless. While it does not necessarily mean they can replace you any second, having a semi democratic structure such as voting in officers, voting for non impromptu decisions such as which guild we're gonna raid the hell out of next, that's what keeps people feeling valued and not part of a one man show.
5-Guild activities
Goes without saying. A guild that plays together stays together.
6-Don't trust anyone too much.
Backstab backstab backstab. Play EVE for a week. You will understand.
Be wary of those that want too much responsibility or rise too fast. It may even be a good idea if you suspect things are turning foul to place a second character in the guild and ensure that alt rises in rank fast. Good to hear the rumors going around. Spying your own guild. Frowned upon, not very nice, but necessary sometimes.
7-Don't just let anyone in.
Spies. Looters. Ninjas. Kicking people out, even some who seem isolated and insignificant, can trigger fears and talking in your main member base. Especially those who feel insecure. They may even leave beforehand, and seeing someone get kicked out triggers the rest to start looking for a new guild as a 'back up plan', the new guild may lure them into QUITTING to join them.
8-Don't stress, chill

You have officers. Don't stress on doing everything all by yourself. I freaked myself out when I couldn't get good officers. Till I found a really good one. Who then decided to run his own guild, took most of the people he recruited, and left.
9-(not applicable to you) check game turnover.
You're playing WoW. Don't stress about this one.
However it is hard to maintain a guild when the game is dying. I decided to throw in the towel after 2 years and just let the guild run itself after seeing waves of new recruits filling the same 50, then 25 slots. Now there are hardly 25 people logged in at any one time in game.
10-Lastly, know when to move on.
I've learn't a lot from 2 years of failures in leadership. While I no longer have the time to lead a guild full time, I'm much more comfortable in my current leadership roles, and know personally how to avoid many pitfalls.
However, one thing even more important I have learnt, know when to quit. If the first few 'guild resurrection' recruitment waves don't work, perhaps it is time to move on. To a different game even.
Thanks for readin, if you feel you can handle it, GET OUT THERE AND RECRUIT! It is certainly a good experience I believe each one of us should have. *slap on back, here's your sword of +100000000 pwnage, cut down everything that stands in your way*
Remember, if all else fails, it may be easier to join an established guild and after some time proving you're worthy, request some leadership roles, small to begin with. Careful, as spies are those that want to rise too fast. Leaders are scared of that. See point 7. I've been booted for 'being a spy' several times though I wasn't. After my own experience in leadership, I know how not to tick off guild leaders so much now.
Lastly, a word of encouragement. You never know till you try, good luck, if you intend to form a CHRISTIAN guild, you will probably be with a nicer bunch, though your spy problem may get out of hand. Never lead one of those myself, or been in one, swear way too much in battle. My first try in ToJ and I'm still struggling. The concept of keeping the chat window closed when I'm bored and want to throw around some not so nice remarks seems to foreign to me.
Which brings us to point 11 - anger management.
Don't lose your cool in guild chat. Anywhere BUT guild chat.