I have experience in web design. I have been creating web sites on and off since I was 13. I have experience with Blogging and CMS software (Wordpress, Drupal). My next thing I would like to accomplish is hosting a WebCam site for profit.

Unfortunately Google has been little help. All ic an find are web sites asking for people to sign up and get paid. I want to work on my very own terms, do what I want, and make what I want. Not sure if I am necessarily looking into modeling or anything, I just want to make the extra cash and to try something new in the web design field.

I have the web cam. I have an internet host. I just do not know how to go about transmitting live streaming video to the internet and then charging people. I have never created an internet site for the purpose of profit so I have never created an "pay to sign-up" based web sites.

Thanks for the advice in advance.

First thing you would need is a payment method.
Such as pay pal Sign up for this and use their tools to get paid.
Second is the technical question of live streaming video? Not too sure about that one. I would look up PHP language to get that right.
It sounds like you are working on a porn site which I would definitely not recommend.
I hope that is not your intention.
Good luck with your site.