Fancy a portfolio career? Here’s what you really need to know…

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The notion of a portfolio career isn’t new, but few people really know what it means and whether it could suit them. There are real benefits, but also important issues to address if you want to succeed working this way.

1. What is a portfolio career?

A portfolio career is a working style where you combine multiple streams of income—often creating a mix of full or part-time employment, freelancing or working as a consultant

Forbes, 2019

Importantly, a portfolio is made up of different types of work, as opposed to the same work just for different clients. There is no defined number – some people have two, three, or more. They can be paid work, unpaid, or paid at very different rates. They are common in the creative industries, where freelancing is the norm, but are progressively more widespread across sectors.

  • Consultant, coach, writer.
  • Content designer, barista, make-up artist.
  • Doctor, podcaster
  • Forensic psychologist, artist

2. Why the recent surge of interest?

Many are prioritising freedom and flexibility, over a seemingly secure corporate job. They are attracted by the prospect of freedom, self-management, variety, and opportunities for self-expansion that come with wearing several hats.

Some are daunted by the prospect of finding one career that will make them happy the rest of their longer working life. What if you don’t have to choose a single path, avoid putting all your eggs in one basket?

Some are searching for more meaning, an outlet for their interests, or the flexibility to fit with the rest of their life.

“As long as earned income is sufficient, job satisfaction will derive from a widely based portfolio of jobs, tailored to suit the needs of the individual”

(Handy, 1980)

Did you know…

  • In the UK, 320,000 people have a “side hustle” – a second self-employed job
  • 64% of millennials would consider taking on side gigs alongside full-time employment.
  • The need for meaning grows throughout life, peaking beyond 65.

3. Five important factors to consider / address  

A portfolio career is not always an easy option. Research shows five key factors that need attending to.

a) Pay real attention to the ‘why’, and articulate it clearly

“Have a clear, articulated view on why you’re going plural, and what you want to achieve. Is it flexibility and less travel? The opportunity to give back?” Greenspan, 2017

Being able to articulate your ‘why’ helps you craft your unique version of a portfolio, prioritising what matters most. It also helps others. They are used to, and more comfortable, with a clear label for what people do. It makes it easier to categorise you, interact with you, relate to you. By being proactive with the narrative you can help them, and you in return. Expect to iterate and adapt it as you learn.

Tip: Also think about and articulate how the different types of work benefits the other(s)

b) Craft a portfolio that truly suit you, all of you

“People who know their meaning and purpose are happier, healthier, more fulfilled.” Holden, 2017

The beauty, and the challenge, of a portfolio is that it’s unique. The better you know you, the better you can create a combination that works for you. Everyone has different ‘sides to themselves’ – several mini-selves. For example, my organised self, my creative self, my adventurous self. A portfolio career can help satisfy the different parts of you.  

Tip: Self-knowing is a team sport – make the most of others different perspective on you

C. Manage and minimise the complexity

“You need to be disciplined and incredibly organised, otherwise you are toast.” Haurant, 2016

By having several careers, you are inevitably making things more complex. More scheduling, admin, IT, invoicing, marketing, networking, branding. The trick is manage the complexity simply and elegantly – complex doesn’t have to be complicated! Why have three separate businesses when you can have one with three brands? Why spend your time planning travel, get when a virtual PA.

Tip: Get really curious, pick the brains of others (especially non-competitors), then pass it on.

4. Experiment and build capability, do it before you fully do it

“People who plan 3-4 years ahead, and engage in relevant extracurriculars (speaking, publishing) find themselves in a good position to go plural doing exactly those same activities.” HBR

Very few people who successfully pivot their careers do so by leaping directly from a to b. They experiment alongside their current work, building their capability, confidence and connections. They run experiments – trying something new in a manageable way to see what happens. At the end of they may or may not proceed, but they will definitely have learned something!

Tip: Capability is capacity + ability. Make space and time to experiment and learn.

5. Get ready to ride the waves, they could be even higher and even lower 

“Life is a dance with fear and confidence, especially during times of transition”. Walker, 2020

In any job there are ups and downs and maintaining a healthy balance is tricky. Some find it easier with a portfolio career, others harder. Some thrive when priorities collide, others drown. Some relish the quiet times, others feel lost. Some love not knowing, others struggle. Some want structure to their day, others push against it. Establishing boundaries, ways of working, and support structures are key.

Tip: There are 3 types of career relationships: informational (for knowledge), structural (how to get things done), emotional (there for you). Identify and invest in your relationships.

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Further reading and references

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