I have a website that gets +10,000 hits a month. I currently have AdSense running on it but I am finding that I am barely getting any clicks or ad revenue at all. I was wondering if I would do any better if I started my own advertising system, where users can buy ad space on my website, instead of Google AdSense? I also wouldn't mind knowing what type (ie: PPC, CPI) of advertising system I should use?
Run both AdSense and offer to sell ad space. Patch.com's network of websites includes both Google text and display ads along with their privately sold ad blocks sold to advertisers. Come up with a rate card for the ads which you will offer your advertisers, they typically include the location of the ad, duration, price per click or impression etc.
If you're website has an international audience you may want to look at http://buysellads.com/ to manage your ad space which is popular on many web related sites and blogs. Otherwise start contacting local companies to advertise given you have 10,000 hits a month, though I assume you mean Visits as a hit to your server can mean each and every graphic loading from a single visit.
The site I used to run had similar traffic, I found that running my own adverts along with Adsense and Amazon and iTunes Affiliate programs was the most successful mix.
Amazon is very useful as you're credited for anything the user buys after the click through no matter which item they clicked.