Yes there is extra money to be made from your website or blog by advertising products other then your own. It will add needed revenue to your bottom line if done correctly. For example if you own a jewelry store or make your own custom jewelry then you could advertise jewelry cleaning products on your website or blog - for a fee. By the same token you can also list similar but non-competing products by joining and affiliate advertising network such as shareasale or ClickBank. Affiliate advertising works when someone actually buys a product after they have clicked through from your blog or website.
If you plan on going the direct advertising route by letting companies contact you to advertise on your site just make it clear in the beginning what types of advertising you will and will not allow. I know of a major horse information website that is mostly devoted to the history of the horse. It was started up as a hobby about 6 years ago. The person running the website was also selling tack (saddles and equipment for horses) as a part-time business. Her tack business was of course advertised on the horse website. The horse website soon became very popular and she was soon selling advertising space on the website. Her limit to the advertising was that she would not accept rival tack shops to advertise on the website. She had to tell people when she turned down their advertising that the website was affiliated with a tack store and it would be a conflict of interest to place their ad on the website. Last I heard was that the website and the tack store were making just as much money as each other.
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