There are a few important steps to take when building a social networking site with Drupal. Step one is to identify the necessary features and configure Drupal accordingly, such as setting up content types and user roles. Step two is to choose and install essential modules, such as Panels and Views, for creating custom layouts and displaying dynamic content. Step three is to fine tune the site's layout and design, using modules like Adv Agg for image optimization and Entity API for structured data.