Flavel,
Very exciting!
If you work a deal
directly with the local company that wants to advertise on your site, you have a few options:
1. Charge a flat rate per a period of time
2. Charge a flat rate per impression
3. Charge a rate per click on the company's ad on your website.
Either way, the company would want to see that your website has a decent amount of traffic to pay competitively.
In addition, typically with things like that, the company provides its own banners or ads.
Alternatively, you can do it through a third party, for example, there is a service that would
rent out a space on a page of your site to advertisers and would pay you for it. Check out:
http://textlinksads.com/
Sherif