There are plenty of free blog sites such as http://wordpress.com and http://blogger.com.
If you decide to use a website, I would highly recommend SiteBuildIt. SiteBuildIt is the industry leader in building websites. They will take you step-by-step through the entire process.
Get Hosting: Hosting is cheap. Host Gator is the best.
Get an Auto-Responder: An auto-responder allows you to create campaign(s) of email messages to automatically stay in touch with your customers 24/7. Auto-responders allow you to earn money while you sleep. I use and recommend Aweber.
Promote Your Website: This is the most important step. If you want to make the big bucks online, you must become a master marketer. You can have an awesome site, but if you don't know how to generate traffic, your site will never make any sales or profit. At a minimum, you must utilize Pay-Per-Click advertising, video marketing, and article marketing. There is more information about these on the Resources for Entrepreneurs Page.
Monetize Your Website: Once you have consistent traffic visiting your website your next goal is to monetize your website. You do this by advertising and promoting affiliate products. You can find great products and services to recommend on http://clickbank.com. You can also create your own products such as videos, reports, eBooks, etc. You can earn additional money by letting Google™ advertise on your site.
Build Your Subscriber Email List: When someone visits your website, you need to have an effective way to capture that person's contact information. You need to have an OPT-IN box where people will leave their name and email. You can encourage people to do this by offering a free product, report or video.
Once you capture their contact information, you simply use your auto-responder to stay in touch with them. You can stay in touch weekly or monthly and recommend new products and services. Remember, THE MONEY IS IN THE LIST. The larger and more responsive list you can build, the more money you will make.
Repeat! Repeat these steps. Keep driving traffic to your website. Continue to monetize your site and GROW your list.
To learn more great money making ideas, don't forget to join our mailing list. Simply type in your name and email in the OPT-IN box above the Twitter Screen (HINT: scroll up the page a little bit). You will learn tons of different ways to make money online. And, if you don't like the training, you can unsubscribe at any time.