If you don't want to share your ad revenue with a network, or if your site isn't the type to do well with PPC ads, you might consider selling space directly to advertisers.
First, you will need solid information about your site's visitors. Ultimately, what you are selling to advertisers is access to your readers, so you'd better know how many, and who, they are. A traffic tracking service like Google Analytics can provide accurate trafiic data that filters out hon-human traffic like search engine spiders and automated robots (which can account for up to 90 percent of a site's overall traffic). Make Money also provides reader tracking, along with some crude demographic information about your site's readers.
You should also consider conducting a survey of your readers, to get more detailed information about their demographics and behavior. SurveyMonkey provides easy-to-use tools to set up such surveys.
Once you have advertisers, you will need a system to serve and manage ads, such as OpenAds, as well as system to invoice your advertisers, such as Blinksale or PayPal. (PayPal's invoicing system does not require your advertisers to have a PayPal account, just a credit card.)
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