There are many advertising networks out there connecting content publishers (i.e. bloggers) with advertisers. The advantage of those networks is that they can tap a wide range of advertisers, something that would be very difficult for a small blogger. Secondly they also have economies of scale to deal with thousands of ads monthly and consequently a higher credibility.
That said, such networks also have a huge drawback, they usually eat half of your money. Text-Link-Ads, for instance, places simple text links on your site. You can decide the amount of links you want to put on your blog, and based on a couple of parameters (traffic, topic, pagerank, etc.) they will calculate a monthly price per link. Suppose the price is $50 monthly per link, this means that an advertiser will pay $50 dollars to put the link on your site, but you will receive only $25 and Text-Link-Ads will eat the other $25.
Subscribing with advertising networks can be an option if you don’t have time to sell advertising yourself or if just want to make a couple of bucks to pay your hosting bills. If you are serious about your blog and if the traffic is starting to grow steadily, however, I highly recommend that you create your own “Advertise” page to deal directly with potential advertisers, cutting out the middle man.
You can customize your advertise page in whatever way you prefer, but a good way to structure it is to divide the page in three main paragraphs. On the first paragraph you need to describe what topic your site deal with, who are your readers (age, geographical locations, profession, or anything else that describes them) and what kind of traffic or exposure the site is receiving. Notice that the more precise you get the better.
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