If I were to spend money on a personal blog...
Two thoughts immediately run through my mind!
-How Much Time it takes to become an Authority Blog-site in the eyes of Google
-Fastest Way to Optimize My site, to Sell my Product
The bad thing is that both take time maybe 1-3 months, but honestly optimizing your site, takes the longest time, especially with you being NEW!
Because you have to tweak and test often for maximum conversions, which cannot be done until a fair amount of traffic is being generated! And not to mention back-links seo,popularity etc....
Not to scare you, this can be done, in fact my first wordpress blog I build took me 1 week, and my 2nd wordpress blog took me 1 hour!
I used Godaddy for domain(2 year) Hostgator for hosting( 1year)... On hostgator I used fantastico to set-up my wordpress blog...
#1 Tip I Have: When you get set-up your blog use this software called Onlywire to Social Bookmark Your Site for Maximum Exposure, and Plenty of Backlinks to your Blog Post!
It's easy, but depending on what you're blogging about or selling, it may be a big waste of time creating your own blog when nowadays you can get a pre-built wordpress blog for you to customize at your leisure!
It cost me about $25 to get the exact wordpress blog script that made over $20,000,000 this year for fellow marketers Alike! And $19.99 overhead to run it!