When I was growing up, Mom told me "if you can read, you can do anything." And that was true. I was way ahead of my classes in most subjects because I could read and comprehend my textbook weeks in advance to the lesson. I read how to get to college, I kept out of trouble because I was busy reading Harry Potter and Animorphs. I eventually helped open and run our family bookstore, reading everything we needed to get started. It all started with storytime and a positive look on reading.
1. Pick a time and place you can both benefit from a reading time. Whether its every day at bedtime, an hour before going into town, or having them read to you while you are making dinner or going over bills.
2. Alternating voices for each character and sound effects can be entertaining for you both. Try out games like pretending to be characters and reading out your parts together.
3. Be Patient when a beginning reader feels ready to read to you. They will get faster with practice. Always give a comment or feedback now and then to let them know you are listening. ("wow, what a mean bunny to steal his sister's carrot!)
4. Each child will have their own pace on when they want to read to you, and when they want to read quietly to themselves (Some might never want to read out loud but enjoy listening to you). Pressure to read out loud may make it less fun and more like homework (and we know how kids love homework!).
If you are worried they are not reading the silent parts you can always ask a broad followup question or two when they had time to read. (Did Bunny ever make up with his sister for stealing her carrot?). Maybe they will notice your interest and want to read that part to you next time!
5. Reading apart: Sometimes work and other things can have you separated from your child for days or weeks. Have two copies of a couple of your favorite books, one for you and one for the child. You can then work out storytimes on the phone or skype, and still be able to keep up. It can be something special you both have to look forward to even when you can't spend the rest of the day together.