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.