The most important benefit of creating a WordPress website on your own server is that everything is solely under your control. You will have the ability to customize your website and have the design and functionality you want, with no restrictions whatsoever.
1. You are allowed to have your own domain name. One appealing factor of having a self hosted wordpress website is that you get to have your own unique domain name. You can use online domain search tools to get your website a home that is professional and dependable.
2. You get access to private email ids. Most of the self-hosted plans for WordPress come with personal email addresses and mailboxes, allowing you to manage and control emails, aliases, forwarders, spam filters and much more.
3.There are no design or styling restrictions. With a self hosted WordPress website, you won’t have any styling and functionality restrictions. For full website customization and control, there are thousands of plugins and themes available to you.
4. Self hosted websites are more profitable. You’re in control of your website – you don’t need to display ads if you do not want to, and if you do wish to display ads – you will be the only one benefiting from those ads. This is certainly not the case with free platforms like WordPress.com: Create a Free Website or Blog.
5. Self hosted websites give you room to expand. With a self-hosted WordPress package, your website can flourish without any hindrance. There are absolutely no restrictions to worry about. The scalable nature of the today’s hosting services means you can easily upgrade whenever you want to, without having to pay extortionate prices.
6. There are a number of features, which you won’t find on free platforms. Some of these extra features include: custom error pages, multi-site capabilities, FTP access, automatic daily backups, one-click installs of several top quality applications, and much more.
7. Creating a WordPress website on your own server gives you the freedom to improve search engines. Individuals also often invest more faith in a self-hosted website having a custom domain name, which means more backlinks and authority for the website.
8. On free blogging platforms, you need to pay for even small upgrades. For instance, with WordPress.com: Create a Free Website or Blog, you need to pay for things like custom design, videos integration and removal of ads. With self-hosted plans, you do not have to pay for any such thing.

I all depends on what you want and like to do.
If you’re already great at writing, start a blog. If you’re more comfortable presenting or in front of a camera, start vlogging In the long run however, I would advise doing both at he same time. That way both your blog and vlog can compliment each other and you can send and receive more traffic to each platform. So for instance you own a blog on lawnmowers. You’re writing 2–3 great articles a week. After your blog has his own loyal audience you start a weekly vlog or daily, depending on how much time you can invest and tap into a bigger audience.