What do you do when the user refuses cookies?
I blackmail them, claiming I have sensitive information about them, and that I'll release them publicly, if they do not accept the cookies.
But if they insist on refusing the cookie, then I simply respect their choice, and do not include third party code, which are producing cookies, or using tracking technologies. So, for example, I do not display adsense ads. Instead, I can use self promotional "ads" , or ads I know are not using any tracking technologies (when they are displayed), or simply do not display ads at all.
A visitor, even if he is not earning you money, can still bring something positive to your site/business. If he can access your site, and sees you are respecting his choice of not being tracked, you give a good impression of your site/business. Also, this visitor, can spread the word about your site, and lead more traffic, among which some might earn you money.
The most important is to grow traffic. If you have a good traffic, you'll always find a way to monetize it somehow, at some point.
edit: my "cookie" banner, is not obtrusive, it's a banner at the bottom of the page, people do not have to make a choice, and still be able to browse my sites. In that case, I don't include third party codes.