I'm building a small side project and it's getting some decent traction in terms of views/users, and some advertisers in the industry have reached out to arrange ads. I, perhaps somewhat childishly, thought it'd be something like this: we reach an agreement for cost per view/click, I embed a promotional link or make a quick banner ad and stick it in the relevant page, they venmo/paypal me every week according to my Google Analytics, and everyone lives happily ever after.
After a chat with one of the advertisers, I was told she'd draft an LOI/MOU, and send a W-9 my way, amongst other things. I have no idea what any of this means. This is a hobby project, not a company, and I'm not going full-time with this (and am otherwise a full-time student). How do people who want to make some money off side projects like this go about implementing ads/monetization once they've reached agreements with advertisers/partners?
I've heard things about not having to do anything if you're under $ 12K/y, things about using AdSense, but no-one clear set of guidance on how this is done, which is confusing, given that I'm sure it's a super common use case with blogs/other small projects? Thank you 🙂