Sell Ad Space
One way to earn income from your site is to sell advertising space. Set up a page for potential advertisers that details the cost of advertising with you and some relevant details about the volume of traffic and any key data that may be of importance in helping them to decide whether to advertise with you. Pay per impression services can place banners and other ad formats on your web site that pay you for each time a page is opened and an ad is viewed.

Pay Per Action
This is the type of advertising that pays you when your visitors pass through your site and fill out a form or purchase a product and you get paid as a result of their action. The payouts can be very nice. Generally, the ads need to be very relevant to the site content, and this type of program works best with a high volume of traffic.

Contextual Advertising
Contextual ad programs such as Google AdSense allow you to run blocks of ads that are relevant to the content you are displaying. You simply place a a snippet of code in the HTML. This type of advertising is also known as PPC, as you are paid when visitors to your site click on the ads, leave your site and move on to the advertisers site.

Affiliate Products
Many companies now offer a generous commission for sales made from the visitors you drive from your site to theirs. This is called affiliate marketing and can generate an incredible amount of income. Many of these companies provide all the marketing materials to help you succeed, as well as a management company such as Commission Junction or Linkshare to track your efforts and insure you are arewarded for your hard work. A small % of companies run two tier affiliate programs, allowing you to sign up affiliates under you, and you are paid when their marketing efforts result in a sale.

Membership Site
Setting up a site that requires a paid membership to join and interact with other users or to access premium information can be very lucrative. A site like this will require some work up front and some set-up costs, but the cost to run the site can be minimal. The key here is to have the product or service users are willing to access month after month.

Directory
Setting up a general web site directory that requires payment for a listing is another way to monetize your web site. Directories that generate a great deal of traffic can send your web site many visitors each day. Professional directories that list members in a particular niche or profession are also quite popular.