A Portfolio Career: What is It And Is It Right For You?

Feeling boxed in by a 9–5? The portfolio career might be for you

Remember being a kid? At breakfast you were a fireman, at lunch you were an explorer and at noon you were a scientist; it would have seemed absurd to define yourself by any one of these roles- you had far too much depth of character to be boxed in. Unfortunately, as we grow up, we are expected to choose a specialism, and for years this has meant defining yourself by one role. What if there was a way to indulge your many sides however? What if you could change career hats throughout the week instead of doing a traditional 9–5? Enter the Portfolio Career.

So, what is a portfolio career? In short, “A portfolio career is when you have multiple careers at the same time through part time, contract or freelance work.” Beyond this broad definition, it can take many shapes. For some, having a portfolio career is not a choice, but is done out of financial necessity, particularly by those in the arts for instance. Increasingly, however, Millennials are now choosing this mode of work for the flexibility and variety it offers. Some work two part-time jobs, other’s juggle part-time work with personal projects or consulting gigs, whilst others choose other dynamics entirely. Moreover, a portfolio career can give you the chance to experiment, particularly if you are considering jumping ship into another industry. Say you are mulling over a potential jump into copywriting, you can start moonlighting and scouting clients to get a taste and feel for the role.

A portfolio career is not without its drawbacks, and there are certainly risks to the approach. You may lack stability and lose the clear structure of a 9–5. Nonetheless, for those that feel claustrophobic in one role, or those, like myself, with job commitment issues, it could be the right choice. Perhaps there isn’t such a thing as “the perfect job”, only jobs that will indulge one part of you at the expense of another. If that’s the case, maybe the perfect career would be a patchwork of diverse jobs which, when combined, utilise your full potential.

Let’s be clear, this article isn’t trumping the portfolio career at the expense of all other options, it’s just showing that it is an option.The issue is, society does a disservice by selling one career structure to young adults which states we must get on the ladder, climb to the top, and retire. For many, and I count myself amongst them, that idea makes them feel claustrophobic and it entirely neglects their kaleidoscopic natures. Without further ado, lets take a look at the pro’s and con’s of a portfolio career so you can decide if it is right option for you going forward:

Pros

You Can Indulge Multiple Aspects Of Your Personality

First and foremost, it gives you the opportunity to work multiple projects and potentially utilise different skillsets. Naturally, this means you can express yourself more fully. If you are a slasher, a scanner, or a multipotentialite (all terms for those who feel they do not have one calling in life, but are broadly and intensely curious) then it could certainly be the option for you. Imagine shoe-horning Da Vinci into one role: “Inventor or painter buddy, you can’t be both!”. If we did this, we would have suffered a great cultural and scientific loss. And yet, this is what the traditional career ladder often demands, leaving many to cultivate one skill at the expense of their other callings- no wonder so many feel unfulfilled as a result. Portfolio careers, on the other hand, allow you to be multifaceted in the work space; an IT technician and a musician for instance, or a charity worker and a gardener.

You Can Learn Diverse Skills

Unlike having one role, having multiple callings can allow you to develop different skillsets as opposed to building depth in one. Instead of being a high-achiever, some may enjoy being wide-achievers, though, of course, they are not mutually exclusive. If this is the case, a portfolio career can keep curious and dynamic people on their toes, and make it less likely that work will become stagnant. Having multiple strings to your career bow can be far more rewarding than possessing just the one.

It Can Minimise Financial Risk

If done correctly, having multiple income streams diffuses the risks, and means that if one revenue source drys up, you can direct your efforts to another. Some who have started their own business and minimised their work hours ended up better off financially for it in the long run. Continuing, despite common assumptions about self-employment being precarious and 9–5 work stable, those who have been made redundant have noted that despite the ostensible job security, being in a full time position means all your eggs are in one basket. As a result, if things go awry, you have nothing to fall back on.

It Gives You More Autonomy

If you are running your own business part time it gives you an element of autonomy in how you structure your workday. Unlike desk based, 9–5 roles, it means you have the freedom to choose where and how you work, which can certainly appeal to certain personalities. Moreover, it means you can work when you feel most creative, as opposed to dragging yourself to work and kickstarting your brain with coffee. It may also mean you don’t have to do the dreaded morning commute, or do it less often if nothing else.

Cons

It Can Increase Financial Risk

Whilst a portfolio career can be more lucrative than traditional roles, naturally every case differs. If work dries up and you rely entirely on freelancing or on personal projects, this could spell trouble. Furthermore, there is less consistency financially than in a settled role; whilst in a 9–5 you get the same pay once a month, personal projects can mean that you earn differently month to month, especially if your service is seasonal. Nonetheless, if you work two part-time roles, this could minimise risks.

You Have To Juggle Your Attention, Meaning Quality Can Suffer

Arguably, a portfolio career can mean you become jack of all trades and master of none. Whilst this isn’t guaranteed by any means (it largely depends on organisational skills and focus), spreading your time and attention between multiple projects can potentially lead to a reduction in the quality of work.

Work Life Balance Can Suffer

Once again, whilst not guaranteed, work life balance can suffer when you are working multiple jobs, though it depends entirely on how you manage your time. If you are working on a personal project or freelancing, it could infringe upon family time or get in the way of socialising, particularly if your friends work full time roles and work to a different schedule than you do.

It Can Be Demanding

If you take up multiple income streams, particularly ones that are new to you, it can be demanding to have to learn multiple roles and simultaneously exercise and cultivate different skill sets. Moreover, if you start a business you may have to perform administration and will have to manage your own workload. This is neither good or bad, but it will be a learning curve for those who are used to being directed from above. In addition, unlike in a permanent role, you will have to source your own clients if you are freelancing, consulting or starting a project, which can be time-consuming and stressful.

In conclusion, what are pros to some people are cons to others, and whether a portfolio career is right for you is completely dependent upon your personality and way of thinking. Some people cannot stomach going to the same office day in and day out, committing themselves to one specialism. For others, working in a single organisation and cultivating a strong team or mastering a craft suits them perfectly. Regardless, cultural attitudes to work are changing, and we must acknowledge that there is now more than one way to make a living. For some, a portfolio career is the best way to harness their curiosity and get fulfilment from their careers. No longer can we expect everyone to have one, simple answer to the question: What do you do for a living?