I was a little short on posts but motivation to have my blog accepted got me writing more frequently. My blog was accepted earlier this month and I wrote my first sponsored post last week. I'm not quitting my day job (yet) but it is surprising how those little bits of extra income add up (I know this from my affiliate marketing websites) until suddenly you've earned a few hundred dollars or more in the month.
I know some people get their fur up if you mention paid blogging, but hey, magazines and newspapers run advertorials so I ask what's the difference as long as you are disclosing that the post has been sponsored (required by PayPerPost). Also, you get to choose who or what you write about, so if you're not interested in the topic or the product, skip to the next opportunity.
Once you've found an opportunity that you like and your blog meets all the requirements, you reserve it and start writing. Advertisers will usually request specific text or blog ads be linked back to their site. If you enjoy blogging this is the perfect way to earn extra income.