We've already touched on how your goals can help drive your blog strategy. This is especially important if your goal is to make money. And don't quit your day job yet -- blogging will likely provide only a modest supplement to current your income.
Although it's possible to make money with your blog, it won't be easy. Of course, there are examples of people who started their blog as a hobby and now make a living off of it. For the vast majority of us, however, making a significant amount of money from a blog will take a great deal of planning, promotion and patience. Professional bloggers will be the first to tell you that it's not a way to get rich quickly.
You can make money from your blog either directly or indirectly. The direct route typically involves putting ads in your blog and getting paid for every blog visitor who clicks on the ad. Instead of random banner or pop-up ads, it's become more popular to use unobtrusive ads that are also geared toward what your blog readers will be interested in. For instance, Google AdSense will place ads on your site that are relevant to your blog's content.
There are several ways to indirectly make money with your blog, as well. You could use a blog to promote your business, for instance. If you're an author, writing a blog can help you gain fans and sell more books. Similarly, if you're a freelance writer, a blog can showcase your talents to attract more work. Others use their blogs for self-promotion to get consulting work or public speaking events.
Whichever way you want to make money with your blog, you'll need to devote a strong effort toward promoting your blog. Some promotion techniques recommended by Darren Rowse of ProBlogger include guest posting on other blogs, frequently commenting on other blogs and letting other bloggers know when a new post of yours might interest them.
If we haven't scared you from starting a blog, at least now you know that it can be hard work.