PORTFOLIO CAREERS

The world of work is continually evolving. Anyone actively looking for work or involved in the recruitment of staff will come across new job roles, new ways of working and new approaches to employment.

One concept that is fast gaining traction is what is known as the “portfolio career”. This is an approach to working that could suit you if a traditional nine-to-five job doesn’t appeal, or if you need a high level of flexibility in your working life. So, what exactly is a portfolio career? 

Understanding a portfolio career

A portfolio career is a working style or approach where, instead of having one full-time job, your income comes from multiple sources. It’s a lifestyle choice for many whose blended work life features a colourful mix of part-time roles, freelance work, casual shifts, side gigs, passion projects or volunteering to build experience.

The positives 

The main benefits of a portfolio career include:

• Flexibility: It’s great for allowing for unpredictability that might arise from non-working commitments, such as caring for relatives or parenting.
• Autonomy: You have more control over your work hours, when you attend appointments and take holidays.
• Following a passion: If you have a burning desire to do something, you can start small around other commitments until your new income source becomes established.
• Career change: Likewise, it can even lead to a career change! You could trial a business idea or explore an outlet for your creativity.
• Job satisfaction: Keeping the plates spinning for your different roles provides variety and could break the boredom of a job that does not resonate with you.
• Spreading risk: With multiple income sources, there could always be something to fall back on.

A portfolio career in practice

Here’s what a portfolio career might look like in action:

1. The Teacher with Many Hats

James is a qualified art teacher. He teaches part-time at a local college and has launched a business providing art therapy sessions. In his remaining spare time, he takes commissions to produce portraits of pets. He has three different income streams that support him financially. When he is less busy, he can market his businesses to generate more income.

2. The Flexible Single Parent

Sam works 9 am to 2 pm at a local business, which means she can do the school run. After they go to bed, she writes product descriptions for an e-commerce site. She’s always had a vision of being an entrepreneur, so she has just launched a small online store that supplies personalised gifts. The portfolio approach generates income and provides the freedom to be available for her family.

3. The Aspiring Event Manager

Alex works full-time as a receptionist in a solicitor’s office. He dreams of a career in events. On weekends, he has been volunteering at local festivals and sporting events to gain experience. For extra income, he has registered with a temp agency for ad-hoc shifts at the football stadiums and the arena in Liverpool. He’s dipping his toe in the industry he’d like to focus on in the future, whilst working full-time to pay the bills.

4. Waiting for a Big Break

As a LIPA graduate, Robin is still waiting for her big break in acting. She has to be available for auditions, so in the meantime, she has a flexible part-time job in a coffee shop. She has registered with all the casting agencies recommended by the Liverpool Film Office and often picks up work as an extra. To boost her income, she has just started doing voiceovers for Instagram videos for a local business.

A sense of control

Job security is seldom guaranteed, leading many to take a more adventurous approach to earning a living. Online platforms like People Per Hour and UpWork have made it easier for people to pick up ‘gigs’ in everything from design to bookkeeping.

An increasing number of people are pursuing a portfolio career, with some even referring to it as a movement. One thing is for sure: it gives a sense of control over your time and can offer multiple income streams, sometimes on an experimental basis. There are several arguments in favour of considering this route, but there are also some drawbacks to a portfolio career.

The challenges of a portfolio career

• Juggling act: It might feel overwhelming to manage multiple situations, and you might struggle with a lack of routine or structure.
• Self-discipline & organisation skills: To be successful in the gig and ad-hoc arena, you’ll need to form good habits to manage your time effectively.
• Income: The waxing and waning of your finances could be a real problem if you require certainty when it comes to your income, eg if you have no savings and you need to pay bills
• Scaling the career ladder: If you’ve already started on a career path and your portfolio career stumbles, it could set you back.

However, remember you can grow into your portfolio, keep it as a side gig or dip in when it suits you.

Positive news

And there’s some more good news! HMRC has announced plans to relax the rules for individuals earning up to £3,000 through a side hustle. It includes those trading clothes online, dog-walking or creating online content. Until you hit the threshold, there won’t be a need to complete a self-assessment tax return. Always check the rules with HMRC about any self-employed income.