I have a domain name that im thinking about setting up as a membership dating site as that is what the the name more closely relates to. I want to know does anybody have any advice on whether taking the time to set this up is worth it or not. I don't want to waste time on something that is not profitable as i know this will be a long process.
Does anyone have any insight on this?

I owned a dating site before and to be honest its really hard to maintain people on your website.. Because there are so many other large dating networks with thousands of people and tons of tools. Though its always worth a try, make sure you learn about this business first. Try going to your major competitors and register on the sites. Learn the user panel and what they've got to offer. If you think you can give people something that the other websites can't, then you should give it a shot!

I am curious about this too! I have a domain I'd like to set up as a date site, but it's in a highly targeted niche. I think that is the key to being successful, that and making your site as social as possible.

Set it up. It'll be another dating site I can rape for profit.
Seriously though, dating has got to be one of the toughest to get into and if you plan on creating a legitimate site (and let's face it, very few are), it will take a hella time to build a membership.

Well, can't you purchase memberships? Aren't there viable sources that can help you populate a new site?

Any tips for driving members to a new site? Would create a launch "party" or providing an offer drive people to the new site?

There are dating niches out there that are still untapped as I have a few sites that are running but the difference is that I use datingfactory as i have found it easy to manage then just setting up the whole thing myself and worrying about spam, fake profiles, etc.

Set it up. There's no harm in trying but just make sure to study the possible things that you might encounter. Do some interviews also like what you did.

Dating is a pretty saturated niche and after the thunder updates Link Panda it is really tough to rank high for the same as static content sites now will be given less attention by Big G. But as I always say that if you are not in the game then how can you think that weather you will lose or win...

Dating is not satisfactory for me but yea for many persons it has proven to be their Lucky charms.So I would like you to go for it and give it a try and then if you don't find it profitable enough you can switch to something else but yea as the idea of setting up a dating site to earn some bucks came to your mind then definitely do give a try...

is that much effective ??

You will have to spend $$ on that, make sure your target is wide.

so, let us get to the point...

1) which dating script do you suggest? (it is always about construction, being user friendly, features, bugs and support)
2) which ones to keep away from?

We run a dating site and just moved to monetizing it after leaving it open for 4 months. Have had a handful of people sign up; our fees are low, like $8/mo or $80/yr and a couple price packages in between. We spent some dough in promotion, however; guessing a couple thousand. The best promos were the two interviews featuring my wife and her company in national newspapers. :-) To get that, you have to be in a unique, newsworthy niche...so don't generalize. There are hassles, of course; like our host's servers going down for a few days...that was awkward. We didn't use fake profiles to seed it...pretty white hat approach in general, though I've done a handful of SB blasts and some TweetAttacks to build up the company Twitter account. Just scratch an itch, look for a niche that has a pain point and offer your site as a solution. Really, just think outside the box: dating for juggalos/mcdonalds employees/movie buffs/struggling artists. My advice is to boostrap the thing at first...we paid for our platform and had it customized, but you can [get] out-of-the-box stuff here on bhw, use a vps - $40 with HG [I'll give you my aff link, if you want ;-) ], write some articles, and make it interesting enough that a news agency will give you coverage. Hope that helps.

Take a look at www.DatingAffiliate.info
I use White Label Dating programs to.

Set it up