This is strictly my opinion owning and operating Bitcoin Faucets and experience that works for me.
1: First thing to do is open a
Xapo account.
2: Find a good Faucet list on the web you admire.
3: Find one of those free hosting that doesn't cost anything. You will need two sites.one for a faucet list and two for a faucet until your faucet takes off then you can decide if your faucet is worth keeping and then buy a dot com domain and just forward the address.Keep in mind I payed for a domain and hosting after i saw good traffic.If your having problems finding a good free hosting + domain try this for an alternative until your faucet takes off
http://www.noip.com/support/knowledgebase/diy-hosting-using-no-ip-wamp/ .Then i suggest you buy a no limit site when you start to profit.
Or if you can't afford it at all i would use this one personally for the list
https://wordpress.com here is an example of one i made to show you how easy it really is
https://xapofaucetlist.wordpress.com but the wordoress should only be use for the list not the faucet.The faucet needs a Cpanel for installing.
1: Choosing which faucet script to use that is linked to a online paying system for auto payouts is a whole letter grade in my book.While some are more popular than others, some are better. In my opinion Xapo or custom faucets are the best for profits but Xapo is better than all in my opinion and you will see why in this post. Here is a faucet script i use for Xapo
https://github.com/destinybogan/Faucet-Builder and here is a Custom Faucet site but cost money
http://www.faucettheme.com . FaucetBox is another popular script and can be used the same way the Xapo maximizes automatic payments if you like FaucetBox
2:ok, so remember #2 about finding a faucet list you admire?? well, on one of those domains you must make a faucet list. take your time to make it nice spend lots of time on it .Don't just slap one together.This is going to be the bread and butter to pay for your faucet. The secret is this::: use the bitcoin address that is used to fill your faucet account for payouts for the ref link in the faucet list.In my Xapo account i never have to refill the faucet because i get thousands more deposits into Xapo wallet then payouts with the Xapo faucet on the same wallet acount and xapo payments are instant from one Xapo account to another including faucets. so basically my faucet bitcoin address payout account is the same as my faucet list referral bitcoin account address.
3: Once you have your list booming from advertising on all the social media and other faucet blogs like
http://freebitcointalk.org try and figure out your average a day. Once you make so much a day you can adjust your faucet to those payments so your faucet never goes dry. Keep in mind you must be making bitcoin on a daily basis to start you faucet up or you will run dry and that kills your faucet
4: keeping a faucet list on your Bitcoin Faucet is a must. To maximize profits for payouts you must have a small list somewhere on the faucet, preferably in their face .
5: Monetize your faucet with bitmedia, a-ads, mellow ads, google adsense and bee adds. You must mix them up in my opinion but only have 1 or 2 a-ads on the faucet the rest 2 of each. Remember to do the same to your faucet list to maximize profits.This is my faucet for example to see what i mean by in there face
http://www.bitcoinfaucetexchange.com and diffrent advertising i use. Here is also my list that supports my faucet payouts 100%
http://bitcoinfaucetrelay.com . I have not paid one cent except when i started to profit i bought a domain for 40$ no limit site on doteasy. i started off with the wamp example .
I don't use google adsense because they screwed me out of paying me. They pay once a month when you reach 100$ and i was at 90$ and they said people were clicking using proxies or vpn. I tried to explain my site is based on bitcoin and anonymously but instead i ended up cursing the guy out so fuck google adsense. LOL
The reason most faucets die is because they can't afford to keep paying bitcoin and not making a profit.This is because they never had a profit to start with to feed the faucet. Don't make the same mistake.Fact is, all advert companies don't make you enough to make a profit except adsense but they pay you in cash and you will have to put up the bitcoin the first month and then you have to worry if they will cancel you and you lost all that bitcoin. Bee ads is good to profit if you have a popular site and they are having a bid war to place ads on your site but even that is for a season...
To be honest i don't make that much on ads ! I make more bitcoin or money on the referrals for different things on my site then on ads. On bitmedia i might get 3 clicks a day on average and they pay about 17000 sat a click. on a-ads I make about 30,000 everyday. Bee ads it depends on the bidding.
Another good traffic source is a crypto directory .Just list your site and the traffic will increase by 100% or more doing both.If you want good SEO and good traffic go here
https://bitcointalk.org/index.php?topic=1587782.msg16501878#newMost of my money comes from the list and affiliates ads with different things related to bitcoin including giving away 10$ in bitcoin i get a commission. last week i made 600$ in commission giving away 10$ in gold which you can trade back into bitcoin. Its on my site if you want to sign up and work for them too!
All the Bitcoins i get from advertisers helps pay for the faucet. (You should know) The faucet is just one big free advertisement for what you're really selling,unless you like making micro bitcoins as a hobby that is fun too!
If you take my advice and come up with a way to make bitcoin on auto you will have a free faucet that you own and can advertise to 1000'S of people a day with stuff from amazon cause you are a affiliate of sell gold etc, there is plenty of items you can sell and this video helped me
with learning ::::
https://www.youtube.com/watch?v=bedxiZXtxKo6: The whole idea is to set up the faucet and just gather bitcoins with no maintenance other than to prune the dead faucets once and a while from your list and find new ones. So making money on auto is another definite letter grade . Using Xapo people get paid directly and there is no threshold to cash out because they don't charge you to use your money. Make sure you have more than one wallet account in xapo because you only want to keep as much money as you need in the account attached to your Xapo APP key in case you get hacked all websites can get hacked !!
7: Start using more social media sites to advertise your faucets more also get your faucet on other lists and make sure your faucet list has a link on the faucet
Kind Regards, Peter Steadham
PS. Hope this helps, I had no teacher when i started so i thought this would help the poor and new.
PSS: The whole idea is to make a faucet that doesn't cost you anything so if it dies you never lost anything but pride but you gained knowledge and a steady income list forever. 
Please post anything i missed or want to add and i'll add it to the top post if its feasible.
Here is stats from my page http://statcounter.com/p10436506/summary/?account_id=5243381&login_id=1&code=d1a68807d211bde2a608e7db35475b53&guest_login=1
At the moment i'm seeing how popular and how far this method will take me down the rabbit hole. As of now seems to be working fine.
UPDATE: I will be adding anti-bot options for the faucet here without making your faucet in the red for users stay tuned. 
UPDATE: HOW TO AVOID BOTS. Bots can eat your bitcoin up so there is a few things you can do.
#1. DON'T USE SOLVE MEDIA ! Use "Funcaptcha" (https://www.funcaptcha.com)
#2. Find the TOR IP NODE addresses and ban inside your .htaccess file .Very simple code if you look it up.You will have to make a .htaccess file
When installing your Funcapthca it says to put a script in the header....don't do that !! Put in the Footer !
