The latest rich list from Forbes revealed that Facebook guru Mark Zuckerberg is now the 53rd richest man in the world, with a net personal worth of around $13.5 billion. In addition, five other people closely associated with the social networking site have each earned over $1 billion from their involvement.

How to make your social networking millions

Clearly, there is money to be made from a social network. The question is; how do you do it?

Of course, what made Facebook such a success for Zuckerberg and co was the fact that it was an original idea and had enormous novelty value. While that may account for its extraordinary success, there is also the fact that entrepreneurs and companies are increasingly taking the ‘nuts and bolts’ of a social networking site and using them to develop their own networks, which can often prove to be profitable in their own right.

Outlined below is a simple step-by-step guide on how to make your own social network profitable:

1. Considered design

A good social website will have a number of appealing enticements for current and potential visitors; lots of features, ease of use, an attractive page design, logical design and central to all this is interactivity, both with the host of the site and also other users. Ensuring your site appeals initially and then keeps people’s interest is vital if it is to achieve long-term viability and profitability.

2. Give your customers ownership

Once people visit your social website, they need to feel part of it and the best way to do that is by giving them some degree of ownership of their own domain. Allow the users to personalise their own areas of the site, set up their own sections, pages or forum posts about their own interests and experiences. This ‘feathering of the nest’ is a great way for people to become part of a community and join in the banter with others. A quality website builder will enable you to permit your visitors and registered users this level of access.

3. Update regularly

If there is one way to kill a social website, it is a lack of activity. In its early days especially, it is important for a social network to have content added regularly. Not only does this show users that this is an active and vibrant site, but also that you have an active interest in participating with your users. It is worth remembering your visitors initially came to the site because of you, so they would like to hear from you as often as possible.

4. Advertising

To maximise the earning potential of your site, you need streams of revenue. If you are selling a product or service, then this can come from additional sales, but another good way is by registering with an online advertising service. Advertising is how the big social networks really make their money, and you should attempt to emulate them by registering with a reliable advertiser.

5. Get noticed

Setting up a social network and hoping people find it isn’t enough. You need to proactively encourage people to the site by getting your name out there. Ensure you get your site registered with major search engines, use other social networks to promote your own site and set up reciprocal links with affiliates. Every opportunity you get to communicate with others, make sure your site is visible.
These five steps are the best way to set up a site and get it running profitably. You may not make billions like Mark Zuckerberg, but even so, a well-thought out, clever, entertaining, informative and active social network is a good way to set up an alternative revenue stream for you or your business.

Source: Breaking Global News

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