This is something that I do fairly regularly and it involves reaching out to other blog owners and offering consultation on how they can boost their blog's performance.

Advantages: If your blog is successful and you have a lot of insight into how to make things work within your niche, then your consulting services will sell itself. Mentoring can also be a great way of building relationships with other bloggers and driving through more traffic to your site.

Disadvantages: Mentoring often takes up quite a lot of time. I ensure that I set a monthly limit to the amount of mentoring that I will work on each month, because preparing all of the resources and having one-to-one chats can take up a substantial amount of time.

If you're going to go down this route, make sure that you've allocated enough time to do it.