Entrepreneur Essentials: Make Money Online with a Blog

Blogging is attractive to many entrepreneurs and
it's no wonder why.
Heather Armstrong, aka "Dooce," has built one of
the most profitable enterprises in the blogosphere
in telling funny, self-deprecating stories about her
kids and taking pictures of her dog. Maybe you've
wondered...could I make money online with my
own blog?
Or maybe you already have a blog and you are
wondering how to monetize it.
The truth is that making money with a blog can be
challenging. It's not as simple as setting up a
WordPress site and blogging your passion. But
with a strategic approach, and the right tweaks,
you can make money with a blog.
This guide will consist of four parts that are vital to
making money with a blog:
Targeting a Profitable Niche
"Build it and they will come" is an incredibly
compelling myth. But that's what it is -- a myth. In
order to be successful in any sort of business, you
have to build it and then work overtime getting
and satisfying customers.
When I talk to people about why their blogs aren't
making more money, it usually boils down to one
problem: they aren't sure who their audience and
how to tweak their focus to better serve that
audience's needs.
So how do you get yourself set up on the right
foot? You choose a profitable niche, even if means
tweaking your original idea.
Target a niche
In his advice on niche marketing, Steve Van Yoder
offers these guidelines that apply to blogs as well as
businesses:
"To determine if a particular niche is right for you,
ask yourself these questions:
Do I have an identifiable target population with
similar interests and needs?
Is the market large enough to support my
business?
Can I tailor my products, services, and business
identity to address that market's particular
needs?
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Is my target market currently underserved?
Can I reach my potential customers in a cost-
effective manner?"

Identify your competition:
Once you know your niche, identify your
competition. Make a list of publications and blogs
that serve the same niche. What choices are they
making in terms of design, content, and
positioning. Doing this analysis is a critical step in
identifying how you can set your offerings apart.
You may want to start a travel blog, for example,
but your research on the competition may tell you
that focusing on the cruise experience may help
you reach the most readers.
Don't Miss These Articles on Monetizing Your Blog:
1 Getting Set Up
2Building a Following
3Strategies for Monetizing

Bonus Resource: Worksheet for Getting Started