Million Dollar Idea or Not - Niche Social Networking Site?

OK, so it is the holidays and have some spare time.
Starting to look for the million dollar idea for 2008 that will get me out of this rut and to paradise!

So tell me if this is a Million dollar idea or not
Wikipedia lists major social networking sites
http://en.wikipedia.org/wiki/List_of_social_networking_websites

What if I look for a niche market that is not served by those sites and start a niche social networking site (SNS)? For eg. an SNS for Teaching profession/ Academia or one for Lawyers etc.

How much would it cost to start an SNS? I am sure can get a script cheaply. Can only set aside small budget for this. Would $500 budget be enough to cover script/design/complete the site, launch it and do simple/ free marketing/promotion and do viral stuff to jump start the site? Once have close to few hundred thousand members, get in some venture capital to bring it to next level, scale up to few million members database and then sell off chunk of site to the big boys like Google for millions. Then semi-retire in paradise!
I can see many of you rolling and laughing on the floor but hey I think in 2008 this may be worth a shot.
What do you think?

 

So just for a start what is your budget in putting up the site like this and then actually promoting it, Only based up on that the answers can start coming in.

 

I mentioned already $500 Budget for a start

 

I wont say you cant do it. I have gotten just as crazy projects off the ground with 5 dollars startup, however it will not be easy. IMO, and that is just my opinion if your going to start building social based sites you better be rolling your own scripts. Grabbing pre-made scripts for social sites will only get you from point A to point A, when you need to get to point Z.

The polling and asking other people is worth only 1% of your idea. Many "great" ideas are shot down by everyone else because they can not see what you see. If your social product is unique then you could make it, but thats only in your head, and I hope written down on a site plan(business plan).

 

it is worth a shot because I was reading that before myspace there was many sns out before it and look at it now. so im not saying you cant do it I will be more then happy to help you promote it and try to get it off the ground

shoot me a pm if you would like my help maybe more details and your plan about the site

 

emarketer.com/Article.aspx?id=1005688&src=article1_newsltr

(copy/paste since DP thinks join dates and post #'s will prevent spam [rolls eyes])

Judging from emarketer's data I'd say go for it!

 

maybe if you have some amazing inovate idea,it can works.. the digg creator has spend less than 1k to create the site and now he is a milionaire. but in my opinion $500 isnt enough to script,design and promotion..

 

You can get many scripts for under $500 but once you start customizing you will see how buggy the scripts are. I have a social network just launching - socialsplash.com - over $2000 invested in it so far.

 

Thanks for sharing your experience. Looks like may have to revise my budget or postpone
good looking sns you have. Good luck!

 

Pick a cheap niche. You'd reach more teachers with $500 than lawyers with $500. Also, pick something you have a chance with and know something about. Lawyers, for example, may not be a great idea. As a Law student, I dont have too much free time nor can I see much free time in the future to be on such sites!

As said, budget is too low and unless it appeared unique (so no generic looking website) I personally wouldn't be interested.

 

Maybe or maybe not you won't find out untill you try it ....

I for exemple hate Social networks sites and i'm AGAINST but that's me

 

I'm not sure how much it will set you back, but what I do know it is going to require alot of time in the beginning and during to do this. It's not as easy as it looks or seems. It's like everyone wants to have their own myspace site...

I say if you are prepared for it and willing to stick it out until you succeed... then go for it.

~Love2Write~

 

Yeah, I'm not a fan - although I use facebook.

Somehow that's different to myspace in my opinion. I think your users make a big difference. If people are trolling profiles, blogging their whole life and adding people I don't know, then I see it as something I can't be apart of as (1) I dont have time to do that / the want to do that (2) I judge such people.

 

Whilst you're at, start a search engine and index at least 2bn pages. On a serious note, it's not impossible, and I wish you luck if you go ahead with it!

 

It is a good idea, but it appeals to a smaller crowd...that means less people...which means less clicks...less money.

It isn't a million dollar idea, I'll be honest. It isn't. You will never make even close to a million.

If you still think it is your BEST MOVE though...I wouldn't go for it until you get double the funds to start. It is better to start right than to half-a** it and regret it later.

If you want a big idea for a small budget you should just ask me. Read my profile. I specialize in the next big thing.

I'm the one you need to talk to

 

Hmm...ya maybe a Google Killer lol
Maybe I can go look up Andy Bechtolsheim for funding since I will need a bigger bidget than $500

 

I may just take your advice to double the budget.

 

Hi,

It's a sound idea.. You just need to tap into a lucrative niche. Teachers could be one actually..
You can use scripts such as Dolphin or a website like ning.com or onedolmus.

There will be a huge growth and interest in niche social networking in 2008 partly thanks to sites such as Ning et al. Niche sites offer advertisers highly targeted demographics.

Users also want to connect with like-minded communites of people rather than get lost in the huge populations of facebook, myspace et al.

Search engines like http://findasocialnetwork.com help users and advertisers locate niche social networking sites thus promoting their use and visibility.

Once you create your site, please feel free to register and submit it to http://findasocialnetwork.com

 

hey dude:

I agree, this isn't impossible. You will get a lot farther on $500 if you can code your site yourself. As the dude above said, check out the free Dolphin script from Boonex (http://www.boonex.com), it's fairly easy to setup yourself if you know a bit of PHP

check out my niche social network. I call it "social-politicing". http://www.writeinyourvote.com It also runs off the Dolphin script.... or at least it did at one time (free scripts are buggy). Also note that this site is far from complete.

If you do end up doubling your budget to $1000, PM me. I work as a project manager and would be happy to assist getting your site going for $1000. This includes whatever template/appearance you want/standard social network features/any additional features you may want. This offer is extended to anyone, PM me if interested.

or just PM me if I can offer any advice!

Andrew DuVal

 

oh, and yes. I do think you can make a million dollars off a niche site, provided you have the right one.