If I had to choose one way to monetize my blog, I would try to get ads for newly released books so that up-and-coming writers can advertise their work on my blog. I have seen this done on the blog Smart Bitches, Trashy Books. The whole right side panel of the blog is advertisements for romance novels and special deals for e-book downloads. Obviously this makes the most sense for them since the whole blog is devoted to reviewing romance novels and interviewing novels. The other day, they posted a thank-you note to all of the companies who put up ads for the month of April, so I’m pretty sure small publishers and independent writers contact them to put the ads up because it is a pretty popular blog. Since my blog is not nearly as popular as SBTB, I would use Google Adsense to get started.
I’ve also seen book bloggers do sponsored posts where they get sent books of a specific genre by a publishing house and they are paid to review them. I feel like this would be great for me as long as I didn’t feel obligated to give only glowing reviews for everything they sent me.