Turn your extra time into extra income

Whether you’re an employee at a company or a small business owner looking for ways to diversify your income, chances are you may have a little extra time on your hands. With a little ingenuity, you can use that time to generate new income streams for your family or business.

The art of the pivot

The key to adapting in times of drastic change is to learn how to pivot. It’s a technique that successful businesses often use to navigate the ups and downs that occur in every market. 

Pivoting your business means abruptly shifting your focus to fill a new need, serve a different customer base, switch revenue models or develop a different sales or distribution channel. Many small businesses have continued to thrive by adopting new technologies, discovering a new section of the market or adding to the services they provide.

But the concept doesn’t just apply to businesses. Individuals can pivot to meet the changing demands for their skills and abilities. To find or create new income streams for yourself, start by asking the following questions:

• What problems do people have that they’re willing to pay to solve?
• What abilities do you have that can help meet people’s needs?
• What products or services can you provide?

Whatever answers you come up with can help guide the direction of your pivot.

Six ways to pivot your income

Not sure where to go next? Here are a few ways to boost your income:

1. Take your talents online. Take stock of your talents, skills and interests, and consider how you might share them in a digital format. For example, fitness instructors deliver lessons via YouTube. Hair and makeup artists are create tutorial videos. If you’ve got a business based around a certain skill, reach out to your existing customers and offer subscriptions to your digital services.

2. Become a virtual teacher, tutor or coach. Kids of all ages need help keeping up with their studies. In households where parents work full time, finding the time to help with schoolwork can be difficult. Online tutoring companies look for people to provide virtual instruction to students all over the world. Or, if you prefer to focus on an adult audience, turn your area of expertise into an online course or virtual coaching service.

3. Open an Etsy store. Got a creative hobby that’s been keeping your hands busy? Start selling your arts and crafts. Digital marketplaces such as Etsy make it easy to open your own store — or, if you own a brick-and-mortar retail shop, find out how to get started as an Amazon seller.

4. Sell your photos as stock images. Amateur and professional photographers alike can make money off their images by selling them on stock art websites such as iStockPhoto or Shutterstock. You might not make much at it, but if you upload enough images it can become an extra stream of passive income.

5. Start a concierge service. Look around your neighborhood and you’ll likely find plenty of people who need help walking their dogs, getting groceries and other necessities, or yard work. While popular online delivery services might seem to have them covered, many people may appreciate a more personal touch.  

6. Partner with other businesses. Find other local businesses or individuals to team up with and put your skills together to create a new offering. Such partnerships can open up access to new customers, products or markets. For example, one London brewery teamed up with out-of-work musicians to hand-deliver “Pub in a Box” kits complete with glassware, snacks, a music quiz, playlists and beer.

Looking for a place to put your new income? Learn more about our Ignite Savings^® account and Remarkable Checking® account options to help stretch it further.