Starting a social network site

[Destined]

Hi fastlaners,

I have been researching and thinking of starting a social network site for a very popular
niche that spends million if not billion dollars a year. This niche is kinda like the home improvement niche.
People will always spend money and the interest is always there.

Need- Yes, there is a need for this niche, people are always asking questions and demand help
Entry- I plan on buying a social networking script and I suppose others can too. The domain name I want is still there and I plan to network with quite a few people in this niche. I will try to be exceptional!!!!
Control- I will have total control of this project, I will own the site
Scale - My goal is grow my social network site to 100k+ and maybe a mill users
Time- I will spend a good 3-6 hours a day working this business


My long term goal is to grow this site to 100,000- 1+ mill users and sell it.
I'm thinking of ways to monetize this site, possibly running a classified ads section. Possibly running banner ads, maybe become an affiliate and offer product. Any more ideas on how I could monetize this site?

Do you guys/gals think its a good idea or a poor one? I like this idea because the market/niche is always spending money and these types of people could definitely network with eachother.

Any suggestion/advice is much appreciated!

 

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