Your first task is getting enough traffic. But traffic is almost never enough. So getting traffic. You can achieve this with various SEO techniques like link building, forum posting, on-site optimization. Traffic can be obtained through social media networks like digg, twitter, facebook.
Let’s assume you’ve finished the first part and now you have a decent blog with many visitors. Now you need to monetize your traffic.
First and one of the most widely used – PPC and CPM advertising networks. The profit of PPC advertising depends on many things but mainly your income will be according to your traffic, CTR and CPC. CTR stands for click-trough rate and it depends on the ads position and visibility. CPC means cost per click and depend on your niche. There are niches with high CPC like finance, mortgages, SEO. CPM advertising networks are relatively similar to PPC ones, but your income will depend on page impressions. Gaming and lifestyle niches tend to perform well.
You can make money through affiliate marketing. Many companies offer affiliate programs for people to sell their products. You can even join an affiliate network like ClickBank or Commission Junction.
Other way to make money from your blog is selling ebooks or other digital products. There is a big market for WordPress and Blogger templates.