Are You Trying to Make Money on Your Blog Without Ads?

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Here’s a question I’ve had for a while. How do you make money off of your blog if you are unwilling to use advertising? Can it ever be profitable?

I’ve thought of a few options but I’m hesitant to pull the trigger on any of them because they don’t seem viable:

dl. Pay site:Whenever I come across a pay site I just think to myself “I’ll just find it somewhere else”
Donate button:If you don’t have a lot of passionate readers this won’t work
Sell a product:Of course the big trend these days is to write a book. That’s cool but what else? Schwag:This mostly means selling branded t-shirts. Again we have an issue about passionate readers

I’m stumped. Suggestions?

Update:Darren and Susan had some really great points. Brian’s recent post starts to add some body to their suggestions. I am sure that this is the way to go, but I will save that for a future post.