The Basic needs for starting your IM adventure
1. A domain name
The first thing you need is a domain name, this is the key to your Im engine. Finding the right domain isn't all that hard , but it needs a bit of clever thinking. your domain will off course represent your niche, it's useless to use a domain about chicken if you want to do a blog or website about dogtraining so to speak.
Personally i would go for a dot com , but a dot net or a dot info can do the trick too with the right keywords. use the google keyword tool to find good keywords to pick your domainname.
2. webhosting
with your domain, you will need to find a place to host your blog. there have been many discussions already about picking the best webhost, every host has it's pro's and con's , so i'll leave this one open on where to pick your webhost. All i want to add is , don't go for the cheap ones that offer unlimited everything for almost nothing , because you will end up with nothing after a few months. I have found myself a really good one for a decent price , i won't post the name here, but you can always ask me if you want to know
.3. the blog script
If you are pondering what script to use for your blog, all i can say is : WORDPRESS , it is by far the best script available for building your blog,
adding plugins or changing the theme is as easy as it comes with the build in install feature for both.
4. content
This part of your blog is kind off the most important , if you want to build steady traffic. I personally start my blog(s) with a dozen of plr articles to have some basic content, but there is nothing better then unique content , so i try to write at least 1 article a day to post on my blog.
Anything goes here , as long as it is interesting and usefull. Again, don't post about breeding chicken if your niche is dog training.
5. driving traffic to your blog
Another important part of building your website, you can have the best blog ever , but what is the use if nobody visits your blog. The way i do it , is make a good signature on the different forums i'm on, and make usefull and interesting posts ( i hope
) . Use your socials ( twitter , facebook ) to let the world know your blog is life... post your site to directories, submit articles to article websites, all these things help you build traffic to your website.Once your website has some traffic you can start monetizing it using all the different affiliate , cpc, etc possibilities, but that is another story.
this post might not be much , but i hope it is usefull for some starters in some way

Jurrie
Call Center Fuel - High Volume Data
Delivering the highest quality leads in virtually all consumer verticals.
Jeff Solochek
http://www.jeffreysolochek.com/blog
http://www.networkcelebrity.com
I also build blogs for companies and individuals
Marcus Lim
Silver Bullet Publishing