Affiliate Marketing
When you agree to promote someone else's product on your blog or website and get paid for the same, you are into affiliate marketing. You can surely do that with your MLM blog. Pick out a product that you are comfortable promoting and ask its owner to allow you to promote their product.
You can chalk out a method of compensation on a per- click or per-sale basis. However, it may be difficult to get affiliate sponsors in this manner. The simpler way is to sign up for Google AdWords. When you do that, Google will match you with affiliates who are ready to promote their products through your blog. You will be given a code of their website that you can place on your blog.
When any visitor clicks on the URL mentioned in the advertisement, you will get paid. This is known as pay-per-click advertising, because you are paid on the basis of clicks you are giving the advertiser. The key is to popularize your own blog. If your blog is popular, it will get more visitors and you can send more visitors to your affiliate sponsors too. Also, Google pays out better for blogs that are better search engine optimized.
Opt In Lists
This is an indirect method of monetizing your blog but it sure works. Compile an eBook from all the matter that is present on your blog or get one specially written. Promise this eBook to your blog visitors for free. Make an advertisement for this and put it up on your blog. Give them a clickable link within the advertisement. However, this link must point to a lead capture page and not the direct download page for the eBook.
On this lead capture page (also known as squeeze page), which is actually a form, you ask the visitors to mention their email addresses so that you can send them a newsletter or more informative stuff like the eBook. They will mostly opt in because of the freebie they are getting. When you get the id, it adds up to your opt in list. Now, how do you monetize this? You can use a lot of methods, but email marketing is the best. You can send them regular information and slowly interest them in your opportunity. A lot of them will eventually sign in, if you provide them with quality stuff, and you get business because you added something free on your blog to build your opt in list.