It's better to have a first coat of boiled linseed oil with some sort of iron oxide colourant in it. I usually use a mix of red/a tiny bit of brown/a tiny bit of black, to either make a solid paint, or a stain in varying strengths. Then I apply clear coats on top. The oxide provides some uv protection, as well as pest deterrent properties. It comes in a lot of earthy colours.
You can boil raw linseed oil yourself, however it can be a dangerous process, make all enquiries and do your research if you want to attempt it.
I follow the "once a day for a week, once a week for a month, and once a month for a year" practice. The only caveat being that the first week, I do all the coats thinned with turpentine. About 70% BLO to about 30% turps, but I just eyeball it.
I have outdoor furniture of varying woods, all treated this way. Have lasted for years! I re-oil them every year on Halloween, that's in spring here in Australia.