How to create a niche site and make $500 from it monthly

This is kind of a challenge am getting into, so if you think you are tough enough to work hard for real cash in the next one month, you are free to come on board.
The challenge is all about creating a niche site and monetizing it to be able to make $500 in the next one month. A niche site is a site that concentrates on only one topic. It is easier to make money with a niche site than with a blog.
The steps I would take all the way would be available here free, but if you need me to help you set up anything, that’s when You would pay me

STEPS INVOLVED are:
-choosing a niche and keyword
-Buying a cheap domain name
-building a website around the niche
- adding contents to the site
-Drive traffic to the site
-monetizing the site.

First thing I need to do this night is to choose my niche. How do I go about it, I would head strait to the ezinearticle site and I would check the different categories there to know if there are niches That I would feel comfortable to write about 20 articles on without feeling lost. It could be on weight lost, relationships, dogs, cats etc.
After that, I would head over to jaaxy site, create an account with them. Am allowed to make 30 niche searches with the new account. I would type in my niche and check if
-there is traffic for my niche and keyword
-related keywords to my niche
-domain names related to my niche that are available.
- check if there are affiliate products on clickbank and commission junction on relating to your keyword.

So go ahead and choose your niche tonight and tomorrow morning. The game has just begun.
Throw your REASONABLE questions at me