Well, you will certainly be able to make some sort of an income, but how much depends upon how much time you are willing to spend on setting everything up, getting traffic, and how you decide to make money.
Some options might include advertising on the site, selling text links (once you are established and have pagerank and traffic), and even selling the recipes themselves.
You could include free recipes, and create an eBook or even a real book that people could buy through your site using print on demand services.
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