Make Money Online blog

Okay I think I finally have it down and just want to see if everyone out there agrees or not.
1) Find your niche
2) Create a list of keywords that people might use to find your site.
3) Research the list of possibilities and narrow down the list to use one or two keyword phrases that:
* Have Low Competition Rate
* How a decent Adsense Payout
4) Create a list of secondary keywords that are relevant to the site.
5) On front page use the “core” keyword in title tags, Meta tags, and sprinkle here and there within the body of the page.
6) Use the secondary set of relevant keywords to create post/pages but use the core keyword phrase in post/page title in variations like;
If my core keywords were “make money”
Use “make money online” for one post and then another be “make money with ebay”
7) Link each page to one another so that the spiders can crawl each page.
Have competition….(buddies) in my field setup one way anchor text links pointing to the post / page that has that anchor text within the title?
9) Wait until my search traffic has converted over to mainly organic traffic from search engines to avoid being smart priced.
Does this sound about right or am I missing something, or am I shooting straight?
Thanks for any advise…I’m getting ready to launch my site but before i start shooting into the dark I want to be sure I’m at least firing into the right direction. =)