Personally I'd do it just like this, though this was written specifically for reddit refugees and uses the structure of reddit as the baseline for an analogy.

https://lemmy.world/post/583669

It's better because it's more resistant to the pressures of corporate consolidation of power over the industries they operate in. It harnesses more of the advantages of a smaller-scale free market, where establishing smaller scale competitors to larger, more established players is much easier, thus creating a more dynamic space. No one algorithm will ever be able to rule us, we will always be able to simply switch Instances, or even make our own. Even if the Lemmy devs ruin Lemmy somehow, there are other reddit-analogue Fediverse services, and switching is not hard. You would theoretically retain access to all the same content, merely having to start over with a fresh account. Not exactly a big deal, usually.

I mean yeah, you could make your own private reddit too, but y'know, without being able to federate to an existing userbase and body of content, good luck achieving any kind of success.