Developing a new social media platform

Hi everyone, I am planning to work on a social media website where users can make their profile and create post. This is my first startup idea. I am just working on it. I just wanted to understand what all things are required to make a social media platform hit. Also, Is this right age to build another social media platform? I also lack funds and doing it with my savings not much. So, what do you think is the average amount that can be spent except the hiring part as i am planning to use interns.