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2. Spend your next 30 -60 hours researching what profitable products are not highly competitive in the major search engines.
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Personally, I would say that is the most important of Cedric's suggestions.
I have a community Web site, Daffodil Valley Times, that gets around 8,000 visitors per day (not hits, visits), but it does TERRIBLE as far as affiliate advertising (luckily, profit isn't why I created the site!).
Picking the right product(s) is the answer. You can learn
SEO, you can learn about competiton, you can learn marketing, but it won't help if you're trying to sell a product nobody wants, or creating the wrong type of atmosphere to sell an item.
Even more important, however, is believing in what you are selling. Don't try to sell something just to make a product. If you don't believe in it, people will know.