Have you always wanted to know ways to make money on Twitter? Well, Joel Comm, author of “Twitter Power 2.0″ has some great tips.

Now with that being said, Twitter should not be used directly as a means to make money, although that certainly can be the byproduct of forging great relationships. The last thing you want to do is come off as a spammer and someone who only cares about making money. It goes back to treat others as you would want to be treated.

Remember these ways to make money on Twitter Joel describes in his book should only be used as part of your tweets. So, let’s get right down to it. Here is one way he offers on how to make money on Twitter:

Earn With Advertising On Twitter

This is often an overlooked. People make money from placing other peoples’ ads on their blog, so Twitter is no different. You do have to be careful, though, so your followers will not be put off by your ad. SponsoredTweets.com is a service Joel recommends.

When you advertise something on your blog or website, it’s important to point the link to a product you have used and tested. But with ads on your timeline in Twitter, you don’t want people to think you are recommending it, only that it’s an ad and not a comment from you. That’s why SponsoredTweets.com is recommended. It clearly marks it as an ad. Joel feels like even though this may make the ad less effective, in the long run it’s worth it because it keeps you honest and keeps the trust of your followers.

With SponsoredTweets.com, you also retain control because you have the opportunity to review the ads and the opportunity to write them. Initially, you should choose to write the ads yourself. Then at some point, you can trust them enough to write the ads for you because they will become accustomed to what your voice is which will make it less obtrusive and allow you to get higher clickthroughs.

You can also set the price. SponsoredTweets.com pays in two ways. The first way is on a cost-per-mille basis for each ad tweet that you show. The second way is to get paid on a cost-per-click basis that delivers a flat fee for every follower who reaches the advertiser’s website.

Calculating the figures can be hard, though. The amount will vary depending on the subject you tweet about, the number of followers you have, and also the value of your brand. For example, John Chow, blogger, (@johnchow) has charged up to $250 a tweet on his timeline of about 53,000 followers.

The best way Joel recommends to figure out the amount you want to charge per click is to open a Google AdWords account first. Then use the keyword tool to generate keyword tags for your SponsoredTweets account, and use the “estimated average cost-per-click” for each of the keywords you choose to get a quote that is in the middle of the range.

Finally, you will need at least 200 followers on your Twitter account to qualify for a SponsoredTweet ad. You will need to pay attention to the number of followers you have after you begin using ads so you can monitor how your following has received the ads. Joel also offers another way to accept ads on your timeline and that is Ad.ly. You can see when you go there that many celebrities are now using this service.

How about you? Are you utilizing Twitter to make money with advertising and how is it working for you? I would love to hear your comments below on the subject. Also, if you would please share this with others by clicking on the share buttons above or below, I would appreciate it. Happy Tweeting!!!