Of course this is just my own personal interest, you may be a keen amateur photographer, a budding cake decorator or want to write about travelling across Australia. So, carry out your research online by looking at different websites in Google and even on social media sites such as Facebook or Pinterest to see where the money making niches are, where the people are and if these niches are growing or shrinking. It will save a lot of heartache later down the line.
My understanding is that you have to subscribe/pay for the business version of Word Press in order to use any of the monetizing functions. I think you should clearly state this in this article at the beginning. I think there is a degree of bait and switch here if people are just signing up for the free subscription and then finding out they have to pay for a subscription to make money. I am ok with that, it just needs to be stated up front everywhere.
One attractive feature of promoting digital information products is that the commissions tend to be higher than that of physical products; ranging anywhere from 10% to 50% or even higher. As an example, if someone is selling a digital information product for $500 with a 50% commission - you can earn $250 per sale. This is much higher than commissions on physical products due to the high profit margins.
Some blogs are focused on getting paid to provide links to news articles, company stores, or other third party websites. The most financially successful of these range from the Drudge, a blog composed almost entirely of conservative-leaning news links, to Smashing Magazine, a site that provides advice and product reviews to help software developers.[5][6] 

Include keywords in important places. Include them in your blog post title, the large "headers" introducing a new section, the first few sentences of your post, and in links. Change your settings so each blog post's URL includes the title of the post, not the date it was posted. Try to make these as descriptive as possible to raise your ranking in search results and attract the right audience.

Fortunately, there are many resources available to help. In addition to the BlogHer events and site, some of my personal favorites for learning tips on writing compelling content, marketing and monetizing are Fizzle.com, MichaelHyatt.com and Problogger.net. All three provide lots of free advice (and more in-depth training and support is available for a fee).

Lets say, for example, that you refurbish and resell used smartphones out of your home. You could use a blog to attract visitors to your website where you list your current phones for sale. Your blog might cover topics about DIY refurbishing. On one level, it seems counterintuitive because you want people to buy your phones, but it also helps you build a brand and gain recognition. Social media guru Jay Baer explains the concept on Copyblogger:
Hi, of course a freestyle blog can be profitable, you have to research the market that your audience is interested in. So what topic(s) (read: niches) do you write about. Do some research in Google and see if any ads pop up. If none, that topic is probably not a very good one. The key is to write great posts, provide great content, build an email list and research what your list is interested in (hint: use polls to check that out, let’s say if you are considering to become an affiliate for amazon and you want to promote cooking books, just an example, you could ask your subscribers to go to a poll you created about what books they love to read, and add cooking books as one of the options, plus several others, to make it more attractive, promise that they can win a reward or so, a free product or free service or even $25 will take them to your 1 minute poll). Also: learn about doing keyword research in Google keywords tool. And learn a bit about SEO done the proper way. Now don’t think you learn this in a week. It can take many years to master this art, but at least a year, if you study like crazy. Make sure your content is great, over deliver in great content, so people LOVE to subscribe to your list, offer a freebie that they will LOVE, and to find out what they would Love you can do a poll in your blog post(s) to research various interests your readers have. Then see if there are affiliate programs for that. Before my reply becomes longer then Jon’s article, I think I leave now, but you get the point…. go do your homework kid 😉 Good luck with your booming business! Believe you can do it, because you can, but you need to work hard, and learn the art of building trust and offering what your readers and subscribers Love…. Woohoo, go do your research now!
Create an online store if appropriate. If you are an arts and crafts blogger, create a shop through etsy or another service for selling your artwork. If you are a writer or illustrator, search for a website that will sell T-shirts with your slogans or drawings on them. Many blog topics are not easily tied to products. You don't need to sell anything to make money, but if it fits your blog, do it.
People who start to blog always thing of making money which tends them toward failure. In my opinion bloggers should choose the topic which interests them. They don’t think about making money. It’s about knowledge, try to learn more and don’t think about money stuff. There are many top blog topics to make money online but you can get success only with the topic you like to write on. Try to choose your topic for the blog. Making money is very easy, don’t think about it much.

What is CPC? CPC stands for “cost per click.” By displaying CPC ads with Google Adsense, you receive a set fee every time an ad on your website is clicked by a visitor. The cost per click is set by the advertiser. (This is in contrast to CPM ads, where you’re paid for ad views instead of clicks. CPM means “cost per thousand impressions,” where M is the roman numeral for 1,000.)
In other words, Jon is an incredible writer, communicator, and hard worker–no question. But you’re in the business of helping other people make money. You’re not, by contrast, a travel blogger. You’re not, by contrast, helping to teach people how to buy their first pet. You’re not, by contrast, an entertainment blogger writing about Rihanna and “True Detective.”

Make it easy for readers to browse – If you want more pageviews, you should make it as easy as possible for readers to read your other blog posts. You will want to make it easy for readers to find your blog homepage, categories, tags, search bar, and so on. Also, I recommend including links in every single one of your blog posts, so readers can easily find related topics. 
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