This is a question a lot of bloggers ask themselves at some point, and ProBlogger.net just published a great post about it.
From the ProBlogger post…
When I first started blogging 7 years back it was not uncommon to see bloggers attempting to add an income stream to their blog with some kind of a donation button or invitation on their blog. Often these buttons were tied to a PayPal account that enabled the readers of the blog to send the blogger a little money as a thank you and/or as an encouragement to keep blogging.
Many bloggers tried the reader donation model as a way to make money from blogging but few made it work.
They go into some serious detail about the pros and cons of donation based monetization model, and outline some tips on how to successfully pull it off.
It’s pretty interesting stuff, especially for new bloggers, and bloggers that have not yet monetized their blog.