Guest blogging is a way to network with other people who have blogs.
You find them by searching the blogosphere.
You can have guest bloggers, blog on your blog.
Usually the other blogger will contact you and ask to write on your blog.
You of course can ask other bloggers to write for your blog.
When you guest blog on someone else's blog, you contact other bloggers and you write a blog post and then submit it to be posted on that person's blog.
Major Business Benefits of Guest Blogging For Profit.
There are a number of immediate benefits to guest blogging and they are:.

1. Grow Your Audience - Guest Blogging is very effective in terms of growing your audience for your blog.
   You are tapping in a new audience who gets an opportunity to now know a little bit about you from a different place so write a great blog posting.
   
2. Increased Traffic - Guest Blogging increases your traffic.
   Just make sure you guest blog post on blogs with large traffic followings so some of their traffic spills over to your blog based on your being a guest and your blog content.
   
3. Press Release - Can you say Press Release? When you guest Blog, its an event.
   You should take advantage of this event and perform some initial advertising to promote your upcoming guest posting event.
   
4. Building Back-links - When done with your guest blogging assignment, you should build links to your new Guest Blog Post and get some authority juice.
   Assumption is you are posting on a blog site of some note.
   
5. Small Business Branding - Make sure you use an email address that makes sure your picture shows up besides your post if at all possible.
   This way people see you and get to know you.
   
6. Answer and communicate.
   Take the time to at a minimum, come back and answer some questions in the comment area.
   They took the time to comment on your blog post, so come back and help them out.
   
7. Social Networking - And let us not forget the social networking aspect, and that is you get the opportunity to establish a relationship with another blogger and some of his readers.
   
8. Increased Profits - yes as you increase your brand and increase the awareness of just who you are, you improve your traffic and the result of more traffic is you will see an increase in profits.