If you start constructing your blog through wordpress.COM, you will likely spend a lot of time picking a theme and starting to write and organize your posts, only to discover that wordpress.COM does NOT support any ways to monetize your site. You can NOT place any adds on a wordpress.COM hosted site. Of course, that defeats the whole purpose of having a "blog for profit".
Lack of support. Companies don’t offer free blogs out of the goodness of their hearts. They still want to make money somehow. If you’re only using their free service, they’re not making money from you. Therefore, they don’t have a lot of incentive to keep you happy. Sometimes this means you’ll have little to no support. Other times it means you’ll be badgered with offers for their paid-for products.
Be aware that many blog hosting services only allow their proprietary contextual ad service, and may shut down your blog if you use one not made by the host company. If you are hosting your own blog, you should research contextual ad services and choose one that shows appropriate ads. Some allow pornography or other ads that may not be suitable for your blog.
Industry Blogs. These are specialized to a particular field or industry. They’re a good choice if you’re already an expert on something and want to share that expertise. Because you have to constantly stay on top of new information and developments in that industry, you need to make sure you’re comfortable with researching and understanding your topic.
That being said, while you shouldn’t expect to go full-time right away, blogging has in fact led to multi-million dollar companies. There is no guarantee in blogging, just like any other business endeavor. We share these stories with you so you can see what is possible. While you may never make millions, with the right research, time, effort, and timing, you can certainly earn a good income from blogging. To play it safe, we recommend blogging as a side business until you start seeing those returns.
Once you've built your free offer, you need to create a value ladder. What will you sell on the next step up? Create your own digital products if you're serious about earning a real income from your blog. Decide on the next sale or dollar amount such as $99 on the next step, $499 on the second, $1,999 on the third, $9,999 on the fourth, and $24,999 on the fifth.
This is the strategy that most bloggers start with when looking to monetize their blog. However, keep in mind you're not limited to selling banner ad spots (which is generally an ineffective strategy these days). Consider other areas you could rent out: space on your pop-up box, social media headers, the "P.S." on your email newsletters...think outside the box (quite literally).
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: