They have written lots of articles talking about whether it is possible that your blog can reach as high an income as a halfway decent salary. Yes you can live in your blog, though not always achieved. It depends on many factors such as quality, utility to report to users, the dissemination or luck that you have to get traffic. Once you have all these factors, you can try to monetize your site.
1. The first thing is to get a high page rank: Either meter are valid. The number of rank must be at least below a million is recommended to monetize your blog.
2. Invest in your blog: It's time to go without releasing the pocket and tool free. We're not telling you to leave a fortune but it bet on tools for better and better status.
3. Add advertising: There are many formats of banners (skyscrapers, rectangles, mega banner) and payment (CPM, CPC, etc).
4. Sell links or sponsorships: If you will not be so visible that you can put advertising links to companies or sponsorship thereof. The latter are more personalized.
5. Have your own domain: With it you will get more presence, professionalism and reliability. Having a Domain is a way to appear more professional. I wrote in another post how to get a good domain.
6. Hosting's and accommodation: Thanks to your blog they will be visible at all times, so it is advisable to get a hosting professional. Arrival of users depends on the files or content in your blog.
7. Manage your contacts: Make lists of your contacts to keep them controlled and above all looking for ways to interact with them, for example, you can write posts that have a lot of feedback and do not forget to always answer their messages. If you have many followers or contacts there are programs that automatically respond to your messages.
8. Sell your own products. It is more difficult but possible. If you do not want to get outside advertising and you have something to offer to your audience in addition to your posts you can find a way to sell your products. It is easy in blogs fashion because they can sell their shirts, for example. Or if you have a related blog with some education courses or you can sell books. Is more complicated than introducing advertising because you will always find a product related to what you say in your blog, but if you find the form can be a good opportunity.