In this economy, who doesn't want to make some extra money? This article will explore one of the most creative ways to make extra money. Not only is this one of the best ways to make money from home, but it's one of the most lucrative. So what is this make money at home idea? Create your own social network. In order to understand how this will make you money, you must understand what a social network is.

What is a social network?

I'm sure you've heard of MySpace or Facebook. Well, that's exactly what a social network is. It's a website where people can join and create their own profile, but more importantly- somewhere they can socialize with other people with the same interests as them. People join social networks for many reasons, but the important fact is that social networs are a huge part of the online world, and they are not going anywhere but up.

How can you make money with a social network?

There are literally thousands of different ways you can make money with your own social network. The options are limitless, but lets explore a few:

1.) You can charge a membership fee to join (maybe not the most popular- but depending on what your social network had to offer, could be massively profitable.) People will pay for certain information, so if you had a networking site that had what they were looking for, membership fees would be a great way to monetize.

2.) You can have an advertising section. Your members could put up advertisements for other members and- yep, you guessed it-the fee for placing an ad would be paid to you. Your members would thank you for providing this service, and you would profit.

3.) You can promote your own products or affiliate products. When a member purchases the product, the money is yours. (This is an extremely smart and lucrative way to monetize your social network website.)

4.) Adsense. Have you heard of it? If not, it's basically the easiest way to make money. All you need to do is sign up with Google for your free account, and then you place adsense on your website. When someone clicks on the text, you make money.

These are just a few ways you can monetize your own social networking site, but believe me, this is just the tip of the iceberg. One thing to keep in mind- no matter how you monetize your site, your members will appreciate it because you are offering them products or services that they need or are interested in.

The important thing to remember is to create a social network that is niche targeted. What does that mean? It simply means when you build your own social network, build it around a specific topic. For example, you may want to start a niche social network about raising kids. This will provide a place for people who are raising kids to join and socialize with other parents, but more importantly, it will provide a targeted audience for the products that you offer. All your monetization would be related to raising kids, and since you know everyone who joins your network is a parent, your conversions will be higher. The chances are high a product about getting past the terrible 2's would sell.

Social networks are so profitable it's almost ridiculous. Find your niche, build your network, get members, make money. Period.