If you want a quick workaround and don’t want to alter the theme files, you could always do it this way…
Goto Pages, and then you need to make two new Pages. One for your Homepage and one for your Blog. Call them whatever you like, for instance – Blog and Home. Now head over to the Settings, then click on Reading and then you’ll see “Front page display”. Simply select the page you created for your homepage as “Front page” and the page you created for your blog as the “Posts page”.
Now goto your blog and you should see that you now have a homepage setup with a static page which mimics the buddypress default blog page, but more importantly, if you goto the url for your blog, i.e. http://subblog.yourdomain.com/blog, it will also mimic the buddypress blog too.
