well this is a really broad question there is no best way because its a long term business you have to try things out see how they work out for you because you can generate money with any method it just comes down to what you like to do and what makes you money with your sponsors and where your knowledge is to properly market and promote that type of method
my best advice is to have backup cash start with a good host that can allow you to upgrade your account has you grow instead of cutting you off when your bandwidth reaches the limit.
however back up your site locally because alot of people change there first hosts and thats the first thing you should allways be ready to do for that just in case situation.
read any newbie information material you find on all webmaster boards and figure out what you would like to do every single day. once you have a general idea what you would like to do start asking questions at this board
