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Personally, I prefer to build a blog with at least 10 to 20 posts rich in content first. While this happens a little bit of SE traffic starts to flow. This helps to determine what direction to take.
Once that is done I start a couple of link exchanges with a handful of my own related directories/blogs, later submit to about 10 other directories and finally exchange links with related blogs. This process will happen in dripping speed. One exchange at a time while I keep publishing new posts ..... It will always be a work in process. On some blogs I will give up after awhile and others will grow bigger and stronger.
The ones that I stop working on will be helpful in providing links to new blogs in the future as I can always start a new post on an old inactive blog saying 'sorry guys, but I moved on to this new blog, hope to see you there'.
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