Build a Social Networking Website
Are you planning to create a social networking website? Don't rush it yet before you know all the facts of creating one. First of all there is a lot of programming needed. If you are new in web development, you can't build it by yourself. You need web developers that are expert in areas like PHP, Flash, Java Scripts, HTML and others programming languages. And trust me it costs a lot of money, somewhere from 4-5 figures depending on what do you want. So you need to be sure about your funds as well.

But what matters more than your funds is your idea. Your concept makes you better than others. For example, look at Hi5.com, back in 2003 everyone had an account. It was so popular back then.
Then came the MySpace, which had a great success. They were mostly popular for their music and video sharing feature. It was different from Hi5 and people liked it. The users found the concept better than Hi5. Facebook came after both of them. It is now the most popular social networking website. Not because it has more feature than MySpace and Hi5 but it became popular for its simplicity. It is so simple to use for anyone. The color combination makes it look more matured, not too many features but very attractive. You need a good concept. A nice fresh idea, Don't build something that already exists because you won't have any users. Like Youtube, it was a fresh idea, it was the first video sharing site. So think of creating something fresh with a concept that is different from everyone.Keep it Different! Keep it Simple!
If you are not know any web developers. You can go to sites such as
Guru
,
Elance
and
IFreelance
and register yourself as an employer and start giving out your project. Be clear and specific on your project and make your budget clear so that later you don't get into any dispute with the freelancer. Be careful with whom do you give your project to. Some of them might scam you. So always check their history before hiring them. Read their feedback by other employers.
As I mentioned before do not create a social networking website if your concept is not good enough. Yes, I would say there is always a chance for social networking website to be successful. But what matters is how your site is different from others. You need to be aware of the server cost. You need a dedicated hosting not a shared hosting. Dedicated hosting can cost you easily 200-300$/month. Depending on the number of users, the cost can go even higher. It is best if you can set up your own server. The setup equipment does cost more but if you know your website will work, it's really worth it. But the thing you need most for a social networking site is to build your team. You obviously can't run it by yourself. You will have too much work pressure. You need to build your department and you need to constantly work on it.
Marketing is another big aspect. You need a constant marketing for your website. You may also need a big marketing fund. You can't just wait to market the site like normal website. You won't have much success. You need a big marketing campaign. The bottom line is your marketing needs to be constant. You need to use various methods to do depending on your site and its growth. The good thing is there are many places you can do effective free marketing as well.
VCs
That's the good news about big websites. You can actually get financed by venture capitalists. This is how exactly sites like Facebook and YouTube have financed themselves. But wait...don't jump into it right away. Don't think the VCs will give you the funds as soon as you ask them. You need a brilliant idea that stands out from everyone else.
More info on venture investors.
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