One additional tip I would throw in there is where to get good content for your target audience. Quit looking at the other bloggers, and look around your family and friends. I have several people that are writing for me on blogs covering topics such as Celebrities, Television, DVDs, Music and Politics.
One of these writers does not even know the blog address of the blog she is writing for, and she could care less. She writes very nice posts, emails them to me and we split the income 50/50. Very simple process that is getting excellent results.