The first best thing a blog owner will wish is, to get his blog sponsored. If you have started a blog yesterday and come searching for sponsors, its very rare that some one will sponsor your blog because sponsors too want themselves to be promoted on reputed blogs. So this is a job of lil bit patience, experience and your networking capablity.

First thing you need to make sure is that your blog is fully "Ready". By the term "Ready" i mean is :
->Your blog should have enough posts.
->You should write quality posts.
->Older your blog better it is, Old is gold :).
->Good page rank, which depends mostly on your blog age, in other words i mean a blog will have better page rank if promoted for longer time. Also visitors build up as the blog is more older and is indexed efficiently by major search engines.

Where will you find the sponsors?
As i had mentioned before, your social network should be large enough (more friends on web). Be in touch with as many bloggers you find on blog communities like mybloglog.com and blogcatalog.com. Some will willingly tell you about the sponsors you need. Also you may come across sponsors directly, all you need to do is know what are their needs and are they related to your niche (topics you work or write on). Do not expect high paying sponsors in the begining, but as time prevails you can get good sponsors with your experience in this stream.

While surfing the web i came across a site that provided an interface between bloggers and sponsorers - Socialspark. Its a community where you can find not only sponsors for your blog but also find offers of writing a sponsored post on your blog.

You can start earning a handsome commission by refering products to your visitors. The bestsellers on web include ebooks, webhosting, electronics, games etc. You can also use the most efficient adsense referal program. There are many program available on net which are willing to pay you for referring their products(selling their products). Talking about the ebooks you can find thousands of them ready for sale. Many people too are willing to buy these even at high prices because they may find what they need and which is not available anywhere else on web. There may be free ebooks available for free but the ones from a well known and trusted authors are always preffered. You too can publish your own ebook if u think you are specialised in any field, you will just need is the ebook creating software.

Here is one :
Ebookcompiler

If you cant write one its alright you can refer ones written by others!
Here are some programmes which will pay you for referring ebooks on their sites :

Leisureaudiosales
Bizzydays-ebooks

There are thousands of people everyday planning to open their website. So this is an efficient way of referring a website package to users.
Here are some programs :
Sitesell
Thinkhost
Thirdspherehosting
Webwizards

There are many people searching for electronic products, and ofcourse they will prefer to buy it from you if you provide it at an affordable price. So advertise such product on your site and you can earn commisions from these. Here are some sites for you :

Computerstuff
Jhelelectronics

The next best thing, users are on the net for softwares and just softwares. You can earn serious money by promoting softwares. The fact that people search for free softwares is as true as there are people who are genuinely ready to pay for it.

Macecraft
Iphonegeek
2squared
Platinumpartner
Revenuegateway
Chitika

Thinking of earning money from your website ? The safest ways are listed below:

1.Signing for google advertising program. Google advertising program basically consists of 2 sub-programs. The google Adsense and google Adwords. These to programs are interrelated. In the 2nd program i.e. the google Adwords allows the user to advertise his website, his products or may be his services on web by paying google i.e. u pay the google for advertising. In Adsense google pays u for putting up advertisements which they give u, on ur site. In other words the google earns from the Adwords & pays a part of it to the adsense users. The google passes the advertisements from the Adwords users to the Adsense users & these advertisements appear on the all the sites which are a part of adsense. U pay google for the no. of clicks on the adds (or subscription to their services) the internet users make while surfing different sites displaying the google adds. Similarly in adsense google pays you for the no. of users directed to these adds (people clicking these adds ) from ur sites. After signing for adsense, they will give you a piece of code (the code containing the add) which you need to paste any where in ur web page code. Your account balance will keep on increasing as more and more visitors visit your site. The cheque will be delivered home when your balance reaches $100.

2.Below are the few more advertising resources.

Pay-Per-Click Advertising:

Adsense

Bidvertiser

CBclicks

Adbrite

MaxBounty

Linkshare

LinkShare Referral Prg

ClixGalore





Yahoo ad network

Clicksor