Stock Photos, Illustrations, Videos – Turn your photography skills into extra income 
Drawbacks : Some websites like Shutterstock have strict conditions, you need to upload either A LOT of images monthly or very good quality stock images that companies would like to use to guarantee downloads (and therefore income), Most websites have a minimum income that you need to achieve (eg : USD 50 per month) before they post your cheque payments.

How much can I make?: Depending on the number of photo downloads you get. For example, the basic payment on shutterstock is USD 0.25 per image download.
Time commitment: If you already have a folder full of images, then you only need to find time to upload it. You also need to find time to take photos to upload.
Skills needed: Good photography skills, Ability to take ‘stock’ photographs
Popular Photo-Search sites:
iStockphoto
Shutterstock
Mediafocus
Photoasia

Have you ever wondered how those magazines that you read get their images (aside from Google images and their own team of photographers)? Most of these publishers and companies pay stock photography websites like iStockphoto to search for their preferred images. And just like your gazillion albums on Facebook, you can do the same with websites like iStockphoto, and get paid for your images!

The downside to this is that you have to possess a bit of flair in photography to compete with other images available on your chosen stock photo sites. Also, the most important part : some sites have a minimum sale that you have to reach before they pay you (please do check the terms on your preferred stock photo website).

Of course you can’t just upload random images like a blurry-photo-of-your grandma-eating-a-durian, some of these websites have very strict restrictions as to the type of images they need from you (most websites also require example images, some form of identification documents, etc from you during the sign up). Yep, It is not always bright and breezy with these stock photo sites, but you have to remember, companies and publishers a lot of bucks to deliver good images for their uses. Here are some tips that you can consider when uploading your images :

Understanding the Buyers

Your Instagram-edited photo might be a big hit, but some buyers might want a cleaner, sharper photo for their use. The best way to know is by reading forums on uploading photos, and by reading the full monty on photo uploading guides on the photo stock websites. For example, iStockphoto has a very lengthy and precise guidelines on the sort of materials that they want, etc.

Upload as much as you can

Since most websites give quite low prices for each image sold / downloaded, the way to “make money” here is by bulk sales. Therefore you will need to produce massive quality images. It is also good to be diversify. For example, upload images for every categories : cars, advert, human, floral, you get the drift.

Good luck!