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So do I!
Yeah, my blog isn't profitable, YET. I have 100 unique visitors on average daily. Not bad, but not awesome. So why read more? I have looked through sites that ARE profitable and read other blogs and compiled a resource where I've bolded points I've had to consider that you may be facing as well.
First off, let's talk about your platform. I've heard good things about Wordpress and have a private blog on blogspot. However, I will always recommend Weebly.com because you can make a full on website (blog included) without having to know anything about code. Just drag and drop! If you do know a thing or two about code, you can customize every detail to your heart's content. It's awesome and it's free. I have a WeeblyPro account because creating sites is so easy and I wanted to make more with them, plus I wanted to change my footer. It's definitely worth it.
Now that you've set up shop, what will you name it? You can use a weebly subdomain (yourdomain.weebly.com) for free or you can buy a domain. Weebly offers that service as well, but I recommend GoDaddy.com, when you get past photos of all the beautiful women, you'll find prices that are hard to beat (around $10/yr).
Another way for you to get yourself out there is by linking back to other posts or pages on your site every 200 words or so in your blog and commenting on other blogs. You can also link back to your blog by participating in link parties. According to the professionals over at HitBridge.com, you also want to have a phrase that people would google to find you at the very top of your blog and every page on your site in the header section - notice "Graphic Design in Sherwood, Oregon" at the top of this page? That's what it's there for.
Be "social". Pin your posts, get a Facebook page, Tweet, and join Google Plus. My sister told me about Google Plus. Google Plus has different communities based on specific topics. Join the communities based on the topics you discuss on your blog and share, voilà, more people will click on the link because they are share that interest. Facebook works well if you create a page for people to follow. Weebly has an option for social sharing every time you update your blog. I linked my twitter page to my Facebook page so that now, whenever I post, both are automatically updated.
After they've found out about you, readers may not want to have to check your site for updates. That is where RSS feeds come into play.
What is RSS anyway? According to Mail Chimp (the best website for sending mass email newsletters) "RSS stands for 'really simple syndication,' and it’s an easy way for people to follow updates to your blog without having to check in routinely to see if you’ve posted anything. It’s a great tool, but many people prefer to receive updates in their inboxes instead." I am one of those many people who prefer to receive updates via email. So I found it frustrating when Feedburner was not cooperating and Aweber was asking for money before I even knew how they worked. Well, Mail Chimp is awesome and free and they've outlined all of the details for turning RSS into email newsletters here. Just to show you how awesome the people at Mail Chimp are, I'm also including this link to a fun printable found randomly on their site.
Let's talk about ads. If you use google adsense, you have very little control over what happens on your sidebar as well as the constant changing ads that distract from the very content you're trying to get people to read.
A great way to earn money through advertisements is to follow the example of Jessica Cox. People pay to put their logo on her sidebar and she also offers to review products and blog about giveaways. Lastly, she likes to do guest posts and blog swaps.
Whatever you decide to do, I hope you found this helpful and wish you the best of luck!