Your SEO strategy should start with the basics. Make sure your website is optimized for speed and mobile devices. You can also install a plugin like Yoast SEO to help you set up a sitemap and get your indexes, keywords, meta titles and meta descriptions in order. You should learn how to perform proper keyword research after that as well as how to use those keywords in your posts. After that, you can learn about more complicated SEO techniques, such as white hat link building and brand building. Of course, creating unique and valuable content will help with this as well.
For example, the hypothetical “haircare.com” tells readers what the blog is about, but it doesn’t offer any “angle” on what kinds of hair care advice your blog offers. The hypothetical “Frizzfighters.com” is still clearly about hair care, but it gives off a fun vibe through its alliterative name and communicates your strong brand identity (funky, focused on a particular hair issue, hip).
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".
Personally, if you have the resources I would go for the second option. Not only does this tell readers who you are and if they’re in the right place. But it also gives you a chance to show social proof (that other people have recognized you as a thought leader). Of course, you might not have this right away, so it’s perfectly fine to just go with the first option.
The truth is, it's not as easy to carve out your space on the web and make a name for yourself as a blogger today, as it was back when blogging was brand new. And it takes a lot of time to build your audience to the point where it's successful. (The most successful, multi-million dollar blogs today were started around 2005 or earlier.) So it's definitely not something you can get rich quickly with, though many people do work on their blogs full time.
Selling private ads can come in the form of banners, buttons, or links. You can even make money writing sponsored posts where you write about or give a review of an advertiser’s product or service. Another option is to write an underwritten post or series, which is where you can write about any topic, but the advertiser pays for a “Brought to you by” mention in the content.