Is my way of starting a WordPress blog ( earn money ) a good one ?

Hello finally i want to start my first blog which i want to monitize (later) i want to start "slow" and then put a lot of time and money into Traffic sources, Forum posts etc.

I want to ask if this is a good way to start a blog, or would you recommend something different ?

1. Buying Hosting, Domain etc
2. Setting up a WordPress Blog
3. Hire Writers/Researchers
4. Setup for each Topic like for example 10 articles ( a total of 30-40 Articles for the start )
5. Setup stuff like Social media…

Is my way of starting a WordPress blog ( earn money ) a good one ?