How can I determine a rate to charge for Advertisments on my blog?

I just started running a blog about my local community, events, concerts, etc.

I am new to this, but the blog is starting to get some decent hits and I was hoping that maybe in the future I can look into getting local business' to advertise on the blog.

Is there a way to determine the "going rate" I should charge for an ad based on the number of hits, the size of the ad, or something similar?

Just really need a starting point so I don't look foolish when I start going to local business'.

THANKS!

For banner ads, or ad blocks on your blog, typical rates are from $8.00 per $15.00 per 1,000 views. Higher prices can be obtained when the demographics are especially desirable, or the audience is very specialized (blog that appeals to physicists, for example).

You can find a variety or rates by checking Google with "advertising rates for blogs" and the range may be slightly different, but this will give you a good starting point.