Monetizing your website or blog is a little bit tricky especially if it's brand new. For now, your focus should be on your web development. No sponsors are willing to have partnership with you if they don't see any good reason to do so, unless you are a well known celebrity.
Applying for Google Adsense is no joke. Your project will undergo assessment with real Google Adsense representative. He or she will look into your website, count how many pages or articles, check your domain name age, your location and many others before approval. Depending on which country you are based at, they have certain policy like: for people in India, China, and any other South Asian countries, they must have at least 6 months old website. The rest, must have at least 7 full length articles (at least 500 words each, I think). After that, they will give you partial approval if you pass the first assessment. They will give you access to advertisement links and banners for 1 week trial run. After that, they will decide if you will be given full approval or be disapproved. If you already have Adsense account, then, lucky you!
Deciding pay per click or pay per impression depends on your site, too. You cannot decide right away. PPC is preferred by most. However, if you get low click impression after trials, you might wanna consider PPM for a test. Then choose the one with highest revenue.
Aside from PPC and PPM, consider also affiliate strategy. What's good about this is that you can apply right away without undergoing difficult assessments. You earn from the affiliate company with the goods you lead to customers. One good example is the ClickBank. You can check www.johnchow.com for affiliate marketing. For advertisement, Google Adsense for PPC, BuySellAds for PPM, ClickBank for Affiliate. There are lots of these networks, just do a good research.
My only advice to you is to focus on your web project first. Create a good content that is compelling to advertisers and also web citizen. Money will come next.