Relying on Google, or any other single source, for your income is the same as having an employer. This is just as true whether you run a Youtube channel or have a multimillion dollar B2B business with only one client (aka "boss"). Being in the content game is the easy part of the equation; ad sales is the hard part. You can take the easy road and join a network, making pennies on the dollar and potentially getting "s…
Anyone got advice on how to go out and do this? How to calculate fair prices?
For pricing, decide how you want to get paid. You have 3 basic choices: CPM (per 1000 ad/page views), CPC (per click) and CPA (per action, i.e. someone clicks your ad and then buys something from that site). The easiest for you will be CPM. So, set your prices low, like at $2 per 1000 ad views. Raise prices based on demand. My best piece of advice is that you will not get rich from one site. You need to have several websites making a few bucks a day to make a living.
Also, those advertisers are most likely advertising on other ad platforms as well. AdSense is king of CPC, but other sites specialize in CPM and CPA. Check out Commision Junction to get some ideas. There are many ad networks out there. And, if you want to run your own ad network, there is open source software to help you setup and manage that too.