The best way to profit from social networks is to develop the skills to build them. If you are a web person - of any sort - designer, developer, engineer, database expert, server administrator, SEO expert, or Internet marketing specialist, you are well-positioned.
First, study the various social networking systems and applications. Understand what social networking is, at a high level, from many angles. Identify what makes them work, which ones are successful, and why. Examine the business aspects of these sites. Who makes money? Who spends money? Why and how?
Next, ensure you are working with state-of-the-art materials and technologies. Social networks are expected to be high-end systems. Your skill set must include the appropriate abilities to allow a contribution to a social network development project. If you don’t already have these skills, it is extremely important to acquire them.
Finally, build a social network. Don’t bother investing alot of time. Find a powerful solution, like http://ning.com or something similar, and create an online community.
Update your resume and get a job. Profit from social networking. Monetize your skills.