A blog can help you diversify your income. A blog gives you a website where you can advertise your own business, but also where you can take advertising from other complementary businesses.
If you want to host advertising on your blog set up an ‘advertise’ page. Outline advertising options and rates along with a press pack or traffic stats. Useful stats include unique visitors, page views and audience demographics. To track your traffic sign-up for a Google Analytics account. Going one step further you can integrate automatic payment methods with PayPal for immediate booking of advertisement placements.
Although advertising may not be your main source of business income it can be a useful additional stream of income.
Your blog articles might also build up so that you can create an eBook or eCourse which could be a further income source.