Thinking about starting up my own social networking website

JShidell

Hello,
 
I`ve been in debate with myself these last couple of years on if I should start up a social networking website or not.   I can see some great potential, but alot of competition.
 
As I saw the success of some social networking websites (i.e myspace, facebook) become very successful i`ve also seen alot that have failed.
 
I`m wondering if it would be wise to start one up.   Of course I would have to find a common direction or method that has not been used before (in which I think I have), but will starting one up be cost efficient?
 
As I have been thinking about starting one up for many years now i`ve done tons of research on the subject.  I`m a developer who has designed a few websites for the government using ASP.net and C# and was thinking about possibly designing my own social networking using these tools from ground up.  However, there are tons of free and licensed social networking software out there that I could possibly use to save on time.
 
I would also have to take into consideration what type of audience I could possibly attract, advertisement, web hosting and server space, plus bandwidth.  All this, after doing some research looks to be pricey, depending on the needs and demands.
 
I guess my question is, would it be wise to start up a social networking website based on the cost of possibly running one, especially with all the competition?  Or should I just bite the bullet.  Do what I feel, start one up, and if it does well then great, if not then the worst thing that could happen is I lose money and time.
 
What are your suggestions on social networking websites?
 
Thanks for reading.
 
v/r
JShidell

Jmes

Not that I have any more than common knowledge on the subject. as I never researched or meddled in it..
Deciding if something is cost efficient you need to weigh the cost vs the income. you say the costs are web hosting, server space, bandwidth and advertising... but where is your income? if you plan on people paying for your service than you ought to be offering something pretty unique and worthwhile. the other income I can see here is selling advertising space yourself.. in which case you need to check the prices on those. and what your user count expectancy...
I personally wouldn`t pursue such a subject. But if it appeals to you I wouldn`t rule it out too fast
Research some more... that`s my advice for now
And G`luck
Jmes

vwebworld

I think the question to answer is - is there a "market" for the social website you anticipate creating?
 
As you said, there are many such social networking sites and variations thereof too. What would make people go to yours? Is there a niche not yet addressed? Will it provide something that other social networking site do not?
 
Once you know your target market, then you can better decide what cost or effort is "worth it".
 
~Roland

cubemonkey

I think you would have much better luck actually starting a REAL social network in your community. It would probably be much more rewarding. So take whatever niche you were going to approach for this site and apply it to your immediate area. See if there is a real world demand for a community. If there is then maybe transfer it online.
Although, the last thing the internet needs is another place to update your status on.

datexmedia

Wow, this one is tough. On the one hand, if you believe you have a different approach than the hundreds of other social networking sites that are out there now, I think you have to try it or you will forever be sorry you didn`t. That being said, the timing isn`t so hot, and not just because of the economy, but also because there are new social networking sites popping up everyday. Is there any other avenue of implementing some of your ideas? That might be the solution, but if not, you have to decide what would be easier to live with, not trying and kicking yourself for it, or trying and having it not work out. Let us know what you decide.
 

www.datexmedia.wordpress.com

JShidell

All,
 
Thank you so much for your replies.  All of you have brought up great questions and concerns that I definitely need to continue to look into, before I actually decide if this is the thing to do or not.
 
The funding to start this up is not a problem.  I do not plan on charging anyone to become a member of the network, so i`m guessing I would probably have to look into ad placements such as google ads to help pay for the server space and bandwith.  I could possibly pay it all myself every month, but if I don`t get traffic then i`m basically wasting my money.
 
I "think" I might have a "market" for this social networking website, however like others mentioned there are new social networking websites that pop up daily.
 
Just because I myself have not found anything related to what I want to address does not mean my idea has not already been used.  The WWW is huge, so there might be something out there already.
 
This is the reason why i`ve been contemplating for many years on doing this.
 
I guess i`m desperate in trying to start up an internet business that might have the potential to grow.  I know social networking is probably the wrong direction to look at starting up because of all the competition, but honestly I could not think of any other approach to my ideas.
 
Thanks for reading.
 
JShidell

JShidell

Well I guess I can scratch my idea.  I just now came across a social networking website that basically does what I was planning, however my ideas were a bit different, but it pretty much follows the same basic idea.
 
Back to the drawing boards  once again!
 
Thanks to all!!
 
JShidell

vwebworld

  
This is the reason why i`ve been contemplating for many years on doing this. JShidell  "Years" is an eternity on the internet. Sometimes waiting days is too long.~Roland

cubemonkey

"Years" is an eternity on the internet. Sometimes waiting days is too long.~Roland

Well said. "It`s not the big that eat the small...it`s the fast that eat the slow" - Jason Jenningscubemonkey12/16/2008 11:21 AM

JShidell

  
This is the reason why i`ve been contemplating for many years on doing this. JShidell  "Years" is an eternity on the internet. Sometimes waiting days is too long.~Roland
 I absolutely agree!! - JShidell

datexmedia

You know if you do decide to do it, or something similiar, you can look into affiliate marketing to generate revenue as well. Check out commisionjunction.com and linkshare.com
 

www.datexmedia.wordpress.com