Can it be done?

I am exploring all potential opportunities to make money on the internet but figured as I was writing a blog that making money from a blog would be a good place to start.  But on reading the Dummies guide to building a webpage (yes my knowledge really is that basic), it says that blogging is a very time consuming way to earn money off the web.  As I only want to do this part time is this my first mistake?

My second mistake, well due to me inexperience I am not even sure if it is a mistake.  Having googled how to make money from blogs (my way of learning about anything new) I read that you should have your own domain rather than be part of a blog site. 

So off I went and registered my name and picked a hosting package.  Even better the hosting company threw in the domain name for free, saving me all off about $6 as well bargain.  Only on checking my domain name on who-is (one of the few techie things I know how to do) I have discovered that its registered in the name of the hosting company.  So have I erred again and given ownership of my domain (which I hope to build) to another party?