Becoming a professional Twitter for a company could be your first route, lots of companies want to join the social media realm but simply aren't prepared. They need people who are and when you see in the job boards "Seeking Twitter Pros" you'll be on a winner.
You can sell your stuff on Twitter, even big companies do it, you can try combining micro blogging and micro funding to create "Micro fundraising", you could try your hand at promoting music. A service called Tra.kz combines a short URL service with a music community and a marketplace, which can only be better than the music industry or the iTunes monopoly on selling music online, is advertising.
Two Twitter ads services have come to my attention so far: Magpie and The Branch, they both look professional enough not to appear spammy but as yet I haven't tried them so i don't know if you can earn real money without scaring off your followers.
Another ad solution for Twitter is Twitadd which places banner ads on your Twitter page, you could also sneak in affiliate links, not cheating as such but there can't be anything wrong with getting commission from services you already support, there's always business opportunities to be found on Twitter, there are daily Tweets from people offering jobs, offering Twitter Apps, many companies offer Twitter Apps for free.
There are more and more professional applications appearing on the web, applications people would pay for , it's not really the done thing, reviewing a product on Twitter certainly not like on a blog and not being able to advertise your own content doesn't seem fair from a user perspective, despite Twitter being so simple and limited, there's a myriad of ways to use it for all kinds of purposes, soon there may be companies who will require Twitter consultants and specialists to teach them how to use it in their particular niche market.
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