Monetizing Local Social Networks

Hi all,

I'm sure this idea has been thrown around but I'm still going to give my two cents. I'm working on a social network for a local area. The big picture of it all is to have members from a specific small area that I will be able to use to market local advertising too. The social network is up and running and is visually attractive. I'm trying to figure out how to monetize it now. My ideas are as follows:

1.) Sell advertising space to local small buisnesses.
2.) Google Adsense
3.) Affiliate Links.
4.) Raffle Tickets

In order to be able to sell advertising space for a decent price I know I need traffic. Instead of just traffic though I would love to have dedicated visitors and members. This is where I'm hoping to get some advice. What can I do to ensure that my members keep coming back. My target audience is local highschool and college students. I figured if they get it it will catch like a wild fire. (fingers crossed)

Ideas to keep members coming back.

1.)I would like to be able to integrate a community game like MafiaWars etc. that people from a common area could enjoy.
2.) List of local gas prices (Perhaps a reason to make my site a local home page).
etc.

I'm looking for ways to keep my members entertained and coming back. I think this method can be very profitable. Any suggestions?

Thanks!

To monetize you can try to sell "gifts" users can buy non physical items for others etc.

Also, for your members coming back try the yelp API: http://www.yelp.com/developers (to target local stores, restaurants etc.)

I checked yelp out. That would be a great addition to the site. Thanks! I haven't found one yet but it would also be cool if there was a way for people to order pizza from Domino's or Pizza Hut etc. through the social network. Thanks Ransom

Perhaps classified ad section, event calender, web cam, dining guides...pretty much you can use the same techniques used on city portals/directories that will increase your sites stickiness and interactivity.

Well these are all the things I have on the site thus far:

Event Calendar (For Parties, Car Club meets, etc.)
Classifieds Section
Forum
Jobs (For Employers and Job Searchers)
Local Artist Showcase (For local musicians to share there original music)
Chat Room
Blog Section for users' blogs.

I still feel like while these things are nice, its not enough to really compete with Facebook. Not that I'm trying to compete with them, but being that my site would be local it would have its advantages over facebook. I do want to look into the web cam idea though. Thanks Soul demon.