I don't make any money from mine (haven't been trying to though) but my understanding from bloggers that do is that you pretty much have to do it because you like to do it...and any money is just a bonus.
I'm assuming you are considering setting up advertising? If so:
1. You'll need to spend some time researching the various methods of making money, such as using Google's Adsense. There are lots of them out there, so spend some time on this.
2. Understand the best method of displaying your advertisements in regards to color scheme, location, text, etc. There is actually a science to it from what research I did a year back. It is much more involved than just slapping it in some random location.
3. Figure out how you will attract an audience. Advertising? Search engines?
4. Do you have anything interesting to say? You'll need a large steady audience to even begin earning a dime.
5. Will you use an existing blog service or host your own domain? I don't know the costs of using an existing blog service, though if you plan to host your own you'll need to purchase a domain name and hosting services.
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