Find the right partner

There are countless ad networks to choose from, some more professional and reliable than others. When choosing a partner, you first need to determine whether you're interested in featuring display ads (banners) or paid search ads (text) on your site. Display advertisers decide which sites they want their ads to run on largely based on subject matter and demographic information, while most paid search ads (i.e. search engine ads) are placed contextually, meaning based on the context of your content. So regardless of which you choose, the odds are good that the ads will be relevant to your business. Most networks don't require sites to work exclusively with them, so it's possible to feature both banners and text ads by working with a couple different companies. Just be mindful of site clutter (an overabundance of ads), which can annoy customers and deter them from coming back, as well as decrease the performance of the ads.

I recommend: For display advertising, Burst Media and Tribal Fusion are both great options. These ad networks allow you to apply to join them online and have extensive resources designed to help site publishers make money.

If you'd prefer paid search ads -- ads supplied by a search engine  that are contextually relevant to your site content -- try Google AdSense.

Increase your site traffic

Online ads are generally sold based on the number of people who see them or click on them. Therefore, in order to generate revenue your site has to receive a significant amount of traffic (keep in mind that most ad networks require a minimum amount of traffic to begin with, usually around 5,000 pageviews per month). Boost your traffic volume through online PR by writing a press release about your site and hiring a PR firm specializing in the Web to distribute it for you. This will both increase your site's exposure and generate some immediate traffic. Because online PR firms distribute press releases directly to search engines, it will also improve your site's search engine ranking. This will further raise awareness of your business and make it easier for Internet users to find and visit your site.

I recommend: Employ a company like PRWeb, which offers several options for press release distribution ranging from $169 USD to $619. The entry-level package is very effective for the money, and includes the review and enhancement of your release by an editor over the phone.

Maintain your content

Without good content, a site can't be successful at attracting or retaining advertisers. To keep advertisers interested (and keep them investing in your property), focus on creating quality content and updating it often. This effort will also benefit those consumers who visit your site, and thus help to increase your traffic.

I recommend: 

Improve your site's content with help from online copywriting experts like Nick Usborne. This former ClickZ columnist offers great free advice on writing for the Web and optimizing your existing site content.