I actually started a new satellite blog four days ago and this has already had nearly 6000 visitors - see below (today's visitors not included).

What I mean by satellite blogs are blogs that are spin-offs from your major blog. For example, if your main blog was all about, say, General Health you could have spin-offs featuring on things to do with general health.
These could be about Influenza, Aerobics, Insomnia or absolutely any specific subject relative to health. The blogs don't necessarily have to be updated daily (though it's an advantage if you have the time to do this) but just when you have something extra to say about that particular niche.
Now the advantage of having satellite blogs is that this can keep readers longer perusing your own material.
Plus when you write a post about one of the satellite blogs subject matter, on your main blog, you can use a link to direct your traffic to the satellite blog.
When doing this make sure the satellite blog opens in a new window (i.e. use "_blank" within your link). This way readers will hopefully return to the main blog once they have seen the satellite blog.
Conversely there should also be links from the satellite blogs to the main blog.
It may look as if readers are simply circulating but they are doing more than this. Every visit you receive to any blog is an opportunity to make money. So you monetize each blog to the degree that you are happy with.The satellite blogs themselves will also generate their own traffic.
On my latest blog I had my first referral from the Google search engine within six hours. This can be done if you use the right keywords and have reasonable content - which people want to read.
Over a period of time it's possible that a satellite blog could in fact also turn into another main blog, and could then also have it's own satellites. Using the example I initially gave - the satellite blog Influenza could have it's own satellites about the various strains of flu.
I'm not suggesting that you use general Health or Influenza as blog subject matter, by the way! The niche could be about absolutely anything.
What I don't think a lot of new bloggers realise is that the 'names' who write about money making do not necessarily make their incomes from the money making blogs they write. I see many new money making blogs flounder because of this.
To make an income I feel that you have to expand, linking all of your efforts together.
Good luck,
Mike.