PS: my answer to this question is always… “the better question is… how can my blog help me build a profitable business?” Most of the profits from blogging are not made on your blog, but that’s okay. I don’t believe blogging about making money per se, but about branding yourself and positioning yourself within your niche market as an authority and leader. Once that is established, there are so many ways to move people into your money making enterprises. Email marketing, as you pointed out, is one of the best ways to do this. Sending people to your membership sites, services, info products and coaching programs are all great things to route people into as well.
If you aren’t part of an ad network then you are constantly searching for new companies to advertise on your site. This one was always a pain in the ass for me. I wanted to spend time making my site better, but if I ignored selling my ad space then I wouldn’t have money to continue to make my site better. You can join an ad network, but that means you are giving up a percentage of the revenue. Work hard to only get 50% of the money? Bleh.
Write down every topic that you are knowledgeable or passionate about. You'll have a much easier time making money from a blog you are interested in, rather than trying to write content you don't like because you think it will make money.[1] Some examples are hobbies that you enjoy, your career, or some specific and miscellaneous knowledge that you have.
Very useful, applicable and dare I say inspiring post, Jon! I feel I’m ready to systematically implement all of your solutions (and similar ones offered by others) but I often wonder if I would have more success starting a new blog from scratch, than trying to up the ante with my existing blog. It would be nice to have time for both! Great post though, I will be bookmarking (and sharing, cuz you asked) this one.

Don’t get me wrong I have made many mistakes along the way but once I knew what I was doing it became a lot easier and more enjoyable. Many of my friends have emailed me or called me to find out more about “What Jamie Does”, but it can be a little hard to sink in at first as to how you can actually make a real income from running a successful blog(s). Therefore I have decided to create this guide for my friends, family, email subscribers and anyone else who wants to start doing “What Jamie Does”.
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