Generally a corset should reduce the waist by about four inches, but it really depends on your size and build. My estimate is that the practical range of reduction for periodic wear (as opposed to "corset-training" for permanent reduction) is approximately ten (for minimal reduction and total comfort) to perhaps twenty percent (pain is beauty...) of the natural waist measurement. If you don't have experience wearing a corset, start with something less extreme.
First, you need to select the style of corset you wish to make. There are a variety of options you can choose - from the style of closure, panels, top and bottom edges, silhouettes and trimming.
Most corsets lace up the back and have a busk closure (Two long metal strips with buttons on one side and eyes on the other) in front, which makes it easier to get into and out of. An alternative to this is to have it zip up the front with a heavy-duty separating zipper. However, you may choose to have it lace up the front only, or up the back only, (although this is less convenient - to get into or out of it without help you will need very long laces). There can also be lacing at the front sides for further adjustment and decoration. The busk closure is the conventional and most durable method, and the method I will use in the following instructions, but the alternatives can come in handy if you need a corset but can't acquire a busk immediately.
The corset can have three or more panels on each side, but four to six panels are most commonly used. Advantages of using more panels include greater precision in contouring which can help make more dramatic waist reduction a little more "comfortable", and that when using five or more panels the seams are generally rather vertical, and cut to the grain of the fabric which makes the fabric easier to work with and the fit more predictable. But, more panels can allow for an exponential increase in the number of opportunities for problems and mistakes if pattern is not transferred accurately, or seams not stitched with proper allowance, especially when using conventional construction method.
The four-panel style can be much quicker to draft, cut and sew, but the angled lines of the seams means that you're dealing with the fabric on the bias (diagonal to the weave of the fabric, which can stretch), which can create unpredicted problems. And if the seams curve side to side the boning may not lay flat which can look ugly (unless you use spiral steel), and extremely so if you're using half-inch wide boning. Because of the nature of corsets - the tension on the fabric and the precise fit necessary - many things that would probably never be of much consequence in sewing other garments can create catastrophes here.
The corset can come over the breasts, high or low (and can gently support, or put the Wonderbra to shame), come to just under the breasts, or come up just over the lower ribs. Corsets that come over and push up the breasts look beautiful if you're voluptuous, but give up gracefully on this one if you're on the smaller side of B. They can come down low over the hips, or end just below the top of the hip bone. When you sit the center bottom of the corset should end above the pubic bone, or the end of the busk will bruise you. Upper and lower edges can be pointed, curved, or straight. If you make a pointed style the points can't be too dramatic or they will tend to stick out and not lay smooth against the body.
There are many silhouettes that can be used. The waist can come in with one curve from top to bottom, which pushes the bottom of the rib cage in, and the top of the ribcage out. This can become uncomfortable to wear for long periods as it tends to bruise the area at the bottom of the ribs. If it also comes up high, it can limit the amount of air you can take in. Or, it can come in more sharply at smallest part of waist and then curve out more at bottom or ribs. This can allow a more dramatic looking waist while still allowing for respiration, although it may begin to dig more uncomfortably at the waist than some other styles.
Look at the Links section for some of my favorite corset sites to get ideas.
There are two basic methods you can use to construct your corset depending on your needs. Here is a brief overview:
It looks much nicer on the inside if you have the patience to do it properly, and is probably more durable, especially if using a delicate fashion fabric. It is, unfortunately, also much more painstaking to make, difficult to make alterations to, and there are far more opportunities for mishaps.
If you are using a really sturdy lining fabric such as canvas, you can construct the corset using an outside layer of fashion fabric, and an inside layer of foundation fabric. If your foundation fabric is less sturdy I suggest doing the outside layer with the fashion fabric backed by foundation fabric, and another layer of foundation fabric as the inside layer.
This is the method I use almost exclusively. Good for corsets made from heavier fabric, or if you don't have the time or patience to use the traditional method. Handy if using a pattern you are unsure of the fit of as it is easier to alter, and there are FAR less opportunities for problems to occur.
It's main disadvantage is that it doesn't look as pretty from the inside, so if you want it to look as good lying on the floor as it does on, you may want to use the traditional method.
This is essentially the just the outside layer of the corset as constructed in the traditional method. If the fashion fabric is flimsy I sometimes use two layers of the lining fabric instead of just one. The fashion fabric and lining layer(s) are all treated as one layer. Since there is no separate lining layer, boning must be inserted by sewing casings to the inside or outside of the corset, or creating pockets for boning by stitching down the seam allowance. Stitching boning channels to the inside over the seams helps eliminate the poor aesthetics of raw seam edges. If you use outside boning channels or use the seam allowance to create channels you need to finish the raw edges to prevent fraying by binding or zig-zag stitching.
Boning generally runs the length of each seam (although in more complicated pattern styles the boning placement may not correspond to the seams). You can use one piece centered behind each seam, offset to the side, or you may put boning on either side of each seam.
For larger-sized corsets or for extra shaping it may also be placed at the center of each panel, and diagonally in the panels at sides of breasts. One recommendation for Victorian-era corsets specifies that there should be boning approximately every 1 1/4 inches around the top. As a rule, unless I'm doing a four-panel style, I place boning about every two inches at the smallest part of the waist.
Boning is also placed to either side of the lacing eyelets.
It can be inserted into casing stitched either on the inside or outside of the corset, or inserted inbetween the outside layer and the lining layer on the conventional method. If the corset is intended for wearing underneath clothes, inside boning will be more discreet.
As I usually use the alternate construction method I prefer to topstitch down the seam allowance to create one channel next to the seam, which eliminates the stress on seams to create a sturdier corset.
Boning used can be one-half inch wide (solid boning) or one-quarter (spiral steel or solid). Some people recommend always using spiral. It is better for seams which curve to the side, but that is the only time I use it, as the ends tend to catch in the casing and can be impossible to get free. It also isn't quite as sturdy as solid steel. If using quarter inch boning on a four panel corset you will probably want to put one strip of boning to either side of the seam. You should always use the solid boning next to the lacing eyelets, and it is better than the spiral for the side panels as it gives better support.
If doing outside casing you can use same or contrasting fabric, but make sure it's heavy fabric, folded into thirds.
You may also want to stitch faux channels on the outside merely for decorative effect, if you want the effect of outside boning with self-fabric but are using a more delicate fabric, or to camouflage boning channel seams that came out less that straight or symmetrical. Velvet or satin ribbon can also be used.
Whatever you use for boning channels you will probably also want to use as the binding for the top and the bottom edges.