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Content/ Ad based website:
These are very profitable, but also take a very long time to start up. Marketershandbook.com is an example of a content based website. I have content for people to read, and I also have several advertisements on a few pages, this is what pays for cost of development and maintenance. of website.
Each of these articles has been search engine optimized for a specific keyword to bring in more traffic for that keyword, this in turn, generates highly targeted traffic which will be interested in ads which are displayed, hopefully generating revenue.
This way everyone wins, you reader get free valuable content, advertiser's generate income though sales, and I generate our income from advertisers. If you have time, this is one of best websites to choose in our opinion.
The best part is, even if you don't have knowledge of area you want to write about, you can still do this type of website, however it will cost you more money. You can hire people to write articles for you at quite a low price. If this is route you want to take, then you should go down to elance.com. Its a website with more people dedicated to specific tasks than you could ever need. And it's completely free. I definitely recommend you check it out.
Stephen Warren, the creator and webmaster of http://www.marketershandbook.com , a completely free business and marketing resource which anyone may use.