|A blog can be the simplest way to set up a website in the shortest period of time (within minutes) when using free services like Google's blogger.com.|
It is also relatively easy to be able to generate online revenue out of it by monetizing its content through contextual ads services offered by Adsense, Kontera, Bidvertiser, and the like.
But I can see a weak link with this setting: If Google, or anyone you host your blog with, decide to stop supporting this service, you'll end up with not site, and all the effort you had put into it would be in vain. Also, people tend to trust sites with their own domain name more.
Therefore, my recommendation is that before you commit yourself to promote your free blog to grow your business; get your own domain name, design your site, and publish it by opening a professional hosting account. This imply more work, but it's worth it. At the end your blog will be more valuable and appealing.