A blog itself isn't really a business—it's more of a platform for other income streams. Your content alone won't likely make you money. Instead, you'll have to get advertisers, sell services like consulting or speaking, use affiliate marketing to get a percentage of sales from links people click on your blog, or maybe offer products like ebooks or premium content to actually generate income. ProBlogger has an excellent post about these different ways you can make money.
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:
One added benefit is that if someone clicks on a link from your website to Amazon and ends up buying multiple items (not just the item you are promoting), then you would get credit for the entire sale! Imagine you recommend a book on Amazon, your visitor goes to Amazon to buy a book - and while they're there they end up buying a new TV, a Sony PlayStation, and some other things... you get credit for all of the sales. Not only that but you also earn from any sales you make in the following 15 days from that customer.
Jeff, first article of yours I’ve read. Excellent stuff! I’m following Michelle as well and am floored at the potential. I’m starting right now to implement all your suggestions. I’ve not yet set up my website email, but hey, one bite at a time, right? I’m looking forward to making a contribution to the interwebs. At this moment, by site is a blank slate, but I have several posts written in Google Docs of which to choose from. Cheers!
Track current trends - What stuff is in the media right now? It's good to pick a topic with longevity (you don't want something that will fall out of fashion), but if you can piggy-back on a trend early on, you can quickly establish yourself as an expert on it before anyone else. Searching #journorequest on Twitter shows what kind of people/topics journalists are currently reporting on
Essentially, the ads you place on your blog are placed there by advertisers to earn profit and revenue from the traffic coming to your website. One of the best things about AdSense is that it is completely free. This is a great way to earn extra money as you start to gain more growth and traffic to your website. You can even include AdSense ads (as linked text) in your blog’s internal search engine.
If you’re passionate about something, it will show in your content. Readers will be able to see your genuineness and will be attracted to that. This is probably the most important thing you will learn about blogging. You can try everything in the world and use every tool known to man to be successful, but if you’re not genuine, people will see right through it.