Creating your own porn site looks much easier then it is. You'll need a lot of traffic before you earn some bucks, and all competition is fighting for the traffic. But it's a fun thing to do!
If you want to start out, I suggest to get yourself a domain name and use http://www.smutnode.com to setup a tube site in minutes.
I'm also a bit scared that when I launch the problems / features aren't developed in time. Since I'm the only one creating this product. Also when launched you should keep an eye on marketing / feedback what takes more time.
I'm planning on using uservoice so that users can add their wishes and complaints and work on the things that get most votes.
Probably I'll start working full-time on the product when I see that there is a lot of interest. But this probably isn't in the beginning.