The Internet has become an incubator for new ideas and new business concepts, and new ideas relating to novel use of media have been applied in a host of personal and commercial websites. Many of these websites focus on social media and use blogs, message boards, comments on posts and articles, tweeting and so on as tools for people to interact with each other, and other new media websites focus on visual media like photo albums, montages, videos, flash animation and other features.
Research what type of media website you want to start. Different types of websites vary significantly in cost, time to develop and functionality, and you need to spend the time getting down to the nitty-gritty details of providers, bandwidth, media platforms, website concept, site design, driving traffic to the site and more. Finding an ideal domain name is an important part of the research process, as well.
Develop your business model. Are you offering information or services for sale or are you planning an ad-based revenue model as you drive traffic to your site? Even if you are not selling anything at your media website, you can still generate revenue from ads on the pages of your website, and the revenue can be substantial if you can drive significant traffic to your site.
Create an itemized budget including costs for the purchasing the domain name(s), developing the site, monthly/annual site hosting fees based on bandwidth (usually scalable), potential equipment costs and the cost of quality content for your website. If you exceed your budget upfront on a fancy website, it will take that much longer for the business to show a profit.
Collaborate closely with your website developer (or development team) to get your ideas across and everyone on the same page. Communication is the key to this step in the process, and thoughtful, organized communication (including regular feedback) with your developers will help greatly in making your ideas into reality.