It really comes down to "ad-sense" or advertisements you can place on your blogs to start earning via "pay-per-click- advertisements, then again there are so many opportunities to be made from "donations" as example.
It comes down to content and what people want to see, estimating on one blog might be hard but it then comes down to the possibilities.
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Thanks. "Market with less competition", but how can we gain traffic when competition is less.
That's why you need to promote your site and have a good SEO strategy. The less competition, the more chances you have to be on top of SERP. Being on the first page on SERP means more traffic and a chance to earn more.
Buy some books, do some googling start a blog on a topic you actualy know somthing about and are interested in even if that is making shoes and use it as an experiment with milestones.
goal 1 = 100 hits
goal 2 = 20 hits abv per day
goal 3 = listed in dmoz (and understand what that means)
goal 4 = 100 backlinks
goal 5 = 200 hits per day
goal 6 = get an adsense account
goal 7 = make $1 p/day in abv
obviously that's just an example but my advice would be to just start doing it nothing will teach you what you need to know as much as just getting out there and doing it yourself.
once you reach all your goals start a new blog on that niche topic you find and do it right with the experience you have gained from the first one.
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Blog earnings can be from
1. Ads like adsense, adbrite
2. Selling text ads
3. Directly selling links
4. Affiliate earnings
The bottom line is visitors and content. I would suggest to have an alternate profession in hand before completely aiming to go fo r earning from blogs, initially at least.
Some of the well earning blogs have thousands of unique visitors per day