S4 Ep8: Creating a Portfolio Career: Combining Multiple Streams of Income

In today's fast-paced world, many professionals are exploring new ways to create financial security, flexibility, and personal fulfilment. 

In today’s episode of “Your Path To Career Success”, the podcast that’s your compass in navigating the winding road of your professional journey, I am diving into the topic of a portfolio career—where you combine multiple streams of income from different roles or projects—and how this can be a game changer.

From freelancing and consulting to passion projects and part-time roles, a portfolio career lets you design a work life that aligns with your skills, interests, and goals. 

But how do you get started? 

What strategies help you manage the juggling act of different income streams, and how can you ensure success?

In this episode, I dive deep into:

• What is a portfolio career?
• The benefits of a portfolio career
• How to get started
• Challenges and how to overcome them

#YourPathToCareerSuccess #TheCareerOwl #PortfolioCareer #MultiplePathways #CareerPathways

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Your Career Pathway Toolkit - THE CAREER OWL

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Unleash Your Productivity Potential - THE CAREER OWL

Transcript

Season 4 Episode 8: Creating a Portfolio Career: Combining Multiple Streams of Income

Welcome back to “Your Path To Career Success”, the podcast that's your compass in navigating the winding roads of your professional journey. 

I’m Kathryn, aka “The Career Owl” and today we're going to explore a concept that's gaining a lot of traction in today's dynamic work environment—creating a portfolio career.

Gone are the days when most people worked a single job for their entire lives. In this episode, we'll be talking about what it means to have a portfolio career, how you can combine multiple streams of income, and why this approach might just be the key to financial freedom and job satisfaction.

But first, grab your favourite beverage, cozy up, and let's embark on this enriching journey together.

Segment 1: What is a Portfolio Career?

So, what exactly is a portfolio career? In simple terms, it's a career that isn't tied to one job, one employer, or even one industry. Instead, it's a dynamic approach to work that involves juggling various projects, part-time jobs, freelance gigs, or entrepreneurial ventures, all at the same time. Rather than depending on a single source of income—like a traditional full-time job—you're building a mosaic of income streams that, together, create a sustainable and often more resilient livelihood.

Think of it as diversifying your investments. Just as you wouldn’t put all your money into one stock or one asset class, in a portfolio career, you’re not putting all your eggs in one basket when it comes to earning a living. This approach is akin to having a personal investment portfolio where each job or project is a different asset. Some might be high risk and high reward, like a new startup or a creative venture, while others might be more stable and predictable, like a part-time consulting role or a teaching gig.

The beauty of a portfolio career is in its flexibility and adaptability. It allows you to leverage your unique set of skills, passions, and experiences in multiple arenas. For instance, you might be a graphic designer who also teaches an online course, writes a blog on design trends, and takes on freelance projects. Or perhaps you're an accountant who consults for small businesses, manages the books for a non-profit, and runs a side business selling financial templates online.

This kind of career structure can be incredibly empowering for several reasons. First, it offers a greater sense of control over your professional life. Instead of being at the mercy of one employer or one industry, you have the autonomy to shape your career according to your strengths and interests. If one project or job no longer serves you or aligns with your goals, you can pivot, adjust, or drop it altogether without losing your entire income.

Second, a portfolio career allows you to tap into your full potential. In a traditional job, you might only get to use a narrow range of your skills, leaving other talents underutilized. With a portfolio career, you can explore and develop various aspects of your professional identity, combining them in ways that are both creatively fulfilling and financially rewarding.

Moreover, this approach can lead to a more balanced and engaging work life. By diversifying the types of work you do, you're less likely to experience burnout, which can often happen when you're stuck in a monotonous or unfulfilling role. Each new project or job brings its own set of challenges and learning opportunities, keeping your professional life fresh and stimulating.

Lastly, having a portfolio career can increase your overall job security. In today’s fast-paced and often unpredictable economy, even the most stable jobs can be vulnerable to market shifts, company downsizing, or technological disruptions. By maintaining multiple income streams, you create a safety net for yourself. If one stream dries up, you have others to fall back on, reducing your financial risk and providing a greater sense of security.

In essence, a portfolio career is not just a way to work—it's a mindset. It’s about thinking of your career as a collection of experiences and opportunities, each contributing to your overall professional and financial well-being. It’s about embracing the idea that you don’t have to fit into a single career box, and that you can create a multifaceted career that’s as diverse and dynamic as you are.

Segment 2: The Benefits of a Portfolio Career

There are several compelling benefits to having a portfolio career, and today, I want to dive into some of the key ones that make this approach not just viable, but increasingly desirable in our modern world of work.

1. Income Stability

First and foremost, let's talk about income stability. In a traditional career, your financial well-being is typically tied to a single employer or job. This can be risky—if that job is lost due to layoffs, restructuring, or even unexpected life events, your entire income stream vanishes overnight. However, with a portfolio career, you spread your income sources across multiple streams.

For example, you might have a part-time consulting job, a freelance writing gig, and an online business selling digital products. If one stream dries up or encounters a downturn—like a client ending a contract or a slow sales period—you still have other sources of income to rely on. This diversification can significantly reduce financial anxiety and provide a buffer against economic uncertainties. Essentially, you’re not putting all your eggs in one basket, which can lead to a more resilient and stable financial situation.

2. Flexibility

Next up is flexibility—one of the most attractive aspects of a portfolio career. Unlike traditional jobs that often come with rigid schedules and little room for personal preferences, a portfolio career allows you to design a work life that suits your unique needs and lifestyle. You can choose projects based on your interests, skills, and even your personal values, aligning your work with what truly matters to you.

This flexibility extends to your daily schedule as well. If you're a night owl, you can take on projects that allow for evening work. If you prefer working part-time to balance family obligations, you can structure your portfolio to accommodate that. You have the freedom to take on more work when you need to, and scale back when you need a break. This level of control over your time and work can lead to a healthier work-life balance, reducing stress and increasing overall well-being.

3. Skill Development

Another significant benefit is skill development. When you engage in a variety of projects across different industries or roles, you’re constantly exposed to new challenges and learning opportunities. This continuous learning keeps your skill set sharp and up-to-date, making you more adaptable and marketable in an ever-changing job market.

For instance, if you're a marketer who also dabbles in graphic design, content creation, and data analysis, you're not just broadening your skill set—you're also deepening your understanding of how these different functions work together. This not only enhances your expertise but also positions you as a versatile professional who can bring a wide range of capabilities to any project or employer.

Moreover, learning across different domains can spark creativity and innovation. The cross-pollination of ideas from various fields can lead to new insights and unique solutions that might not emerge in a more siloed, traditional career path. This diversity of experience can also make you a valuable asset in collaborative environments, where varied perspectives are often needed to drive innovation and problem-solving.

4. Job Satisfaction

Now, let's talk about job satisfaction. One of the downsides of a traditional career can be the monotony and lack of variety that often sets in over time. Doing the same type of work day in and day out can lead to burnout and disengagement, especially if the work doesn’t align with your passions or interests.

A portfolio career, however, allows you to engage in different types of work, keeping things fresh and interesting. You can mix and match projects to suit your evolving interests and goals. For example, you might spend part of your week working on a creative project like writing or designing, another part consulting in your field of expertise, and another part running a small online business. This variety can be incredibly fulfilling, as it enables you to explore multiple passions and prevents the boredom that can come with doing the same work all the time.

Additionally, because you have the autonomy to choose your projects, you can focus on work that feels meaningful to you. Whether it’s helping a non-profit, launching a startup, or creating art, you’re more likely to find joy and satisfaction in your work when it aligns with your values and passions.

5. Entrepreneurial Freedom

Lastly, a portfolio career often brings with it a sense of entrepreneurial freedom. Many people with portfolio careers use one or more of their income streams to explore entrepreneurial ventures, allowing them to create something of their own. This could be anything from starting a small business, developing a product, or even launching an online platform.

The entrepreneurial aspect of a portfolio career is particularly exciting because it allows you to take calculated risks, innovate, and potentially build something that can grow into a significant source of income—or even a full-fledged business. For example, you might start a side hustle as a freelance web developer, which then grows into a small agency as you gain clients and recognition. Or perhaps you start a blog or a YouTube channel on a topic you're passionate about, which eventually leads to monetisation opportunities like sponsorships, affiliate marketing, or selling your own products.

This entrepreneurial spirit not only allows you to pursue your passions but also gives you the freedom to experiment and pivot as you learn what works and what doesn’t. It’s about creating opportunities for yourself, rather than waiting for them to come from a traditional job setting. And who knows? What starts as a small side project might evolve into a major career milestone.

Segment 3: How to Get Started

Now that we’ve explored what a portfolio career is and discussed its many benefits, let's dive into how you can actually get started on building one. Transitioning from a traditional career path to a portfolio career can seem daunting, but with a strategic approach, you can make this shift smoothly and successfully. Here are some actionable steps to guide you on your journey.

1. Identify Your Skills and Interests

The first step in creating a portfolio career is to identify your skills, passions, and interests. This is the foundation upon which you’ll build your portfolio, so take some time to reflect deeply on what you enjoy doing and what you’re good at. Start by asking yourself these questions:

• What are my core skills? Think about the skills you’ve developed through your career, education, hobbies, or even volunteer work. These could range from technical abilities like coding or graphic design to soft skills like communication or problem-solving.
• What am I passionate about? Consider what activities make you lose track of time or bring you the most satisfaction. These passions could be related to your current job or something entirely different—perhaps a creative pursuit, a social cause, or an industry you’ve always wanted to explore.
• What experiences do I have that others might find valuable? Reflect on your career journey and life experiences. Have you acquired unique insights, knowledge, or expertise that could be useful to others?

Once you’ve listed out these skills and interests, start thinking about how they can intersect to form a diverse and fulfilling portfolio career. Remember, this career path is all about leveraging your unique strengths and passions, so don’t hesitate to think outside the box.

2. Explore Income Streams

Next, it’s time to explore potential income streams that align with your skills and interests. The beauty of a portfolio career is that there are countless ways to monetize what you know and love. Here are a few ideas to get you started:

• Freelance Work: If you have marketable skills like writing, graphic design, web development, or consulting, freelancing can be a great way to start generating income. Platforms like Upwork, Fiverr, or even LinkedIn can help you find clients.
• Consulting: Leverage your industry expertise by offering consulting services. This could be advising businesses, providing strategy sessions, or even mentoring individuals looking to enter your field.
• Online Courses and Workshops: If you’re knowledgeable about a specific topic, consider creating and selling online courses. Platforms like Teachable, Udemy, or Skillshare make it easy to reach a global audience. You could also host live workshops, webinars, or coaching sessions.
• Blogging or Vlogging: If you enjoy content creation, starting a blog or YouTube channel can be a way to share your knowledge while earning through ads, sponsorships, or affiliate marketing. It may take time to build an audience, but it can become a significant income stream with persistence.
• E-commerce: If you have a product idea or craft, consider starting an online store on platforms like Etsy, Shopify, or Amazon. This could be anything from handmade goods to digital products like e-books or design templates.
• Side Business: Maybe you’ve always wanted to start a small business—whether it’s a consulting firm, a tutoring service, or an online retail shop. A portfolio career allows you to start small and scale your business as it grows.

Don’t be afraid to experiment with different income streams. Some might take off quickly, while others may require time and effort to develop. The key is to stay open to opportunities and continuously seek ways to monetize your skills.

3. Start Small

One of the biggest misconceptions about portfolio careers is that you need to go all in right away. In reality, it’s wise to start small and build your portfolio gradually. You don’t have to quit your day job immediately; instead, begin by dedicating a few hours a week to a side project or freelance gig. This allows you to test the waters without the pressure of full-time commitment.

Starting small also gives you the opportunity to refine your offerings, understand your market, and build a client base or audience. As your side projects start to generate more income and demand more of your time, you can gradually scale back on your primary job, transitioning more smoothly into your portfolio career.

This phased approach reduces risk and helps you maintain financial stability as you make the shift. Plus, it allows you to learn and adapt as you go, ensuring that your portfolio career grows organically and sustainably.

4. Build Your Network

In a portfolio career, your network is one of your most valuable assets. Building and maintaining relationships can open doors to new opportunities, collaborations, and clients. Here’s how you can build your network effectively:

• Join Online Communities: Whether it’s industry-specific forums, LinkedIn groups, or Facebook communities, being active in online spaces can help you connect with like-minded professionals and potential clients. Share your expertise, ask questions, and offer help where you can to build your presence.
• Attend Events: Attend webinars, conferences, workshops, and networking events related to your fields of interest. These events are great for meeting people face-to-face (or virtually) and expanding your professional circle.
• Collaborate with Others: Look for collaboration opportunities with other freelancers or business owners. This could be co-hosting a webinar, writing guest posts, or partnering on a project. Collaborations not only expand your network but also introduce you to new audiences.
• Stay in Touch: Networking isn’t just about making new connections; it’s also about nurturing existing ones. Stay in touch with former colleagues, clients, and contacts. Regularly check in, offer support, and share updates about your work.

Remember, networking is a two-way street. Be genuine in your interactions and offer value to others, whether through advice, connections, or simply lending an ear. A strong network can lead to referrals, partnerships, and new income streams that you might not have found on your own.

5. Manage Your Time Wisely

Time management becomes crucial when you’re juggling multiple income streams. With a portfolio career, it’s easy to become overwhelmed if you’re not organized. Here’s how you can manage your time wisely:

• Prioritize Tasks: Not all tasks are created equal. Use tools like the Eisenhower Matrix to prioritize tasks based on urgency and importance. Focus on high-impact activities that move your career forward.
• Use Productivity Tools: Tools like Trello, Asana, or even a simple Google Calendar can help you keep track of deadlines, meetings, and tasks across different projects. Set aside specific blocks of time for each project to stay on top of your work.
• Batch Similar Tasks: Group similar tasks together to minimize context switching. For example, designate certain hours for administrative tasks, creative work, or client meetings. This can help you stay focused and maintain a steady workflow.
• Set Boundaries: When you’re managing multiple projects, it’s easy to let work spill over into your personal time. Set clear boundaries for work and rest, and make sure to schedule downtime to recharge.
• Review and Adjust: Regularly review your schedule and workload. Are you spending too much time on low-priority tasks? Do certain projects need more attention? Adjust your time management strategies as needed to stay productive and avoid burnout.

6. Be Financially Savvy

While having multiple streams of income is beneficial, it also requires careful financial management. To be financially savvy in your portfolio career:

• Track Your Income and Expenses: Use accounting software like QuickBooks, FreshBooks, or even a simple spreadsheet to keep track of your earnings, expenses, and profits. This will help you understand your financial health and make informed decisions.
• Create a Budget: Set a budget that includes both your personal and business expenses. This will help you manage your cash flow and ensure that you’re saving for taxes, emergencies, and future investments.
• Save for Taxes: As a freelancer or entrepreneur, you’ll likely be responsible for paying your own taxes. Set aside a portion of your income each month to cover your tax obligations. Consult with an accountant to understand your tax responsibilities and deductions.
• Build an Emergency Fund: Income from a portfolio career can be variable, so having an emergency fund is crucial. Aim to save at least 3-6 months of living expenses to cover any slow periods or unexpected costs.
• Invest in Your Career: Consider reinvesting some of your earnings back into your career, whether it’s through professional development, marketing, or tools that enhance your productivity. Investing in yourself can lead to greater returns down the line.

7. Market Yourself

In a portfolio career, you’re not just a worker—you’re also your own brand. Effective self-promotion is key to attracting clients, customers, and opportunities. Here’s how to market yourself effectively:

• Develop a Personal Website: A professional website acts as your online portfolio, showcasing your work, skills, and services. Include a blog, case studies, testimonials, and a clear call to action for potential clients or collaborators.
• Polish Your LinkedIn Profile: LinkedIn is a powerful platform for professionals. Make sure your profile is complete, with a strong headline, a detailed summary, and examples of your work. Regularly post updates, share industry insights, and engage with your network to stay visible.
• Leverage Social Media: Depending on your field, platforms like Twitter, Instagram, or YouTube can be valuable for building your brand. Share your work, thoughts, and expertise regularly. Engage with your audience and use hashtags or trends to increase your reach.
• Attend Industry Events: Whether online or in person, industry events are great for networking and increasing your visibility. Participate in panels, give talks, or simply be an active attendee to get your name out there.
• Create a Newsletter: If you have a blog or website, consider starting a newsletter to keep your audience engaged. Share insights, updates on your projects, and valuable content to build a loyal following.
• Ask for Testimonials and Referrals: Don’t be shy about asking satisfied clients or collaborators for testimonials and referrals. Positive reviews can greatly enhance your credibility and attract new business.

Marketing yourself might feel uncomfortable at first, but it’s an essential part of building a successful portfolio career. The more you put yourself out there, the more opportunities will come your way.

Segment 4: Challenges and How to Overcome Them

While a portfolio career offers flexibility, variety, and the opportunity to explore multiple income streams, it’s not without its challenges. Just like any career path, a portfolio career comes with its own set of hurdles that you’ll need to navigate. But don’t worry—each challenge also presents an opportunity for growth and improvement. Let’s discuss some common challenges and how you can overcome them.

1. Time Management

One of the most significant challenges of a portfolio career is time management. When you’re juggling multiple projects, clients, or businesses, it’s easy to feel overwhelmed and spread too thin. Without a clear strategy, you might find yourself constantly switching between tasks, leading to decreased productivity and burnout.

How to Overcome It:

• Set Clear Priorities: Start by identifying the tasks and projects that are most important to your overall goals. Use tools like the Eisenhower Matrix to distinguish between urgent and important tasks, and focus on what will have the most significant impact on your career.
• Establish a Routine: Creating a daily or weekly routine can help you manage your time more effectively. Set specific blocks of time for different tasks, such as client work, personal projects, administrative duties, and learning. Having a consistent schedule reduces decision fatigue and helps you stay on track.
• Break Down Projects: Large projects can be daunting, so break them down into smaller, manageable tasks. This makes them less overwhelming and easier to fit into your daily schedule. It also allows you to track progress more effectively.
• Use Productivity Tools: Leverage tools like Trello, Asana, or Notion to organize your tasks and keep track of deadlines. Time-tracking apps like Toggl or RescueTime can also help you understand how you’re spending your time and where you can make adjustments.
• Set Boundaries: One of the advantages of a portfolio career is flexibility, but it’s crucial to set boundaries to protect your time. Clearly define your working hours and stick to them, making sure to schedule breaks and downtime to avoid burnout.

2. Income Variability

Another challenge of a portfolio career is income variability. Unlike a traditional job with a steady pay cheque income from a portfolio career can fluctuate from month to month, depending on the projects you’re working on and the clients you have.

How to Overcome It:

• Maintain a Financial Buffer: One of the best ways to manage income variability is to build a financial buffer. Aim to save 3-6 months’ worth of living expenses to cover any slow periods or unexpected expenses. This cushion will give you peace of mind and allow you to focus on your work without constantly worrying about money.
• Diversify Your Income Streams: The more diversified your income streams, the less reliant you are on any single source of income. Try to balance your portfolio with a mix of steady, reliable income (like a part-time job or retainer clients) and more variable income (like freelance projects or business ventures). This diversification can help smooth out the highs and lows.
• Budget and Plan: Create a budget that accounts for your essential expenses and sets aside money for savings, taxes, and investments. Regularly review your financial situation to ensure that you’re living within your means and adjusting your spending as needed.
• Seek Out Retainer Clients: If you’re freelancing or consulting, consider offering retainer agreements where clients pay a fixed fee each month for ongoing services. Retainers provide a steady income stream and reduce the pressure of constantly finding new work.
• Adjust Pricing Strategically: As you gain more experience and build your reputation, don’t be afraid to adjust your pricing to reflect your value. Higher rates can offset periods of lower demand and ensure that you’re adequately compensated for your time and expertise.

3. Isolation

A common but often overlooked challenge of a portfolio career is isolation. Working on multiple projects, especially from home, can lead to feelings of loneliness and disconnect, particularly if you’re used to the social environment of a traditional workplace.

How to Overcome It:

• Connect with Others in Your Industry: Make a conscious effort to connect with other professionals in your field. Join industry-specific online communities, LinkedIn groups, or forums where you can share ideas, seek advice, and build relationships. Regular interaction with peers can help combat feelings of isolation and keep you engaged with your work.
• Attend Networking Events: Whether virtual or in-person, networking events offer opportunities to meet new people, exchange ideas, and collaborate on projects. Attending conferences, workshops, and seminars can also help you stay up-to-date with industry trends and expand your professional network.
• Utilise Coworking Spaces: If you miss the social aspects of an office environment, consider working from a coworking space. These spaces provide a community of like-minded individuals, opportunities for collaboration, and a change of scenery that can boost your creativity and productivity.
• Schedule Regular Social Activities: Balance your work life with regular social activities outside of work. This could be meeting friends for coffee, joining a club, or participating in a group hobby. Ensuring that you have a social outlet can help you maintain your mental well-being and prevent feelings of isolation from affecting your work.
• Collaborate on Projects: Seek out opportunities to collaborate with others on projects. Whether it’s a joint venture, a co-authored piece, or a shared client project, collaboration not only helps you connect with others but also brings fresh perspectives and ideas into your work.

4. Lack of Focus

With the freedom to pursue multiple interests, it’s easy to fall into the trap of spreading yourself too thin or losing focus on what really matters. Lack of focus can lead to a scattered portfolio that doesn’t align with your long-term goals, ultimately diluting your efforts and reducing your overall impact.

How to Overcome It:

• Regularly Review Your Portfolio: Take time every few months to review your portfolio and assess each project’s alignment with your goals. Ask yourself if each project still serves your interests, contributes to your income, and aligns with your long-term vision. If not, it may be time to let it go or shift your focus.
• Set Clear Goals: Define clear, measurable goals for your portfolio career. These could be income targets, skill development milestones, or the completion of certain projects. Having specific goals helps you stay focused and gives you a benchmark to measure your progress against.
• Prune Non-Essential Projects: If you find that certain projects are draining your time and energy without providing significant benefits, it’s okay to prune them from your portfolio. Letting go of less rewarding projects allows you to concentrate on the work that truly matters and brings you closer to your goals.
• Create a Vision Board or Mission Statement: Visualize what you want your portfolio career to look like in the future. Create a vision board or write a mission statement that outlines your purpose, values, and objectives. This can serve as a guiding star, helping you make decisions about which projects to take on and which to decline.
• Limit Distractions: In today’s digital age, distractions are everywhere. Limit these by creating a focused work environment. Turn off non-essential notifications, set specific times for checking emails or social media, and create a workspace that minimizes interruptions.

Conclusion

So there you have it—creating a portfolio career is all about combining multiple streams of income to build a diverse, fulfilling, and financially secure life. Whether you're looking to escape the 9-to-5 grind, pursue your passions, or simply add a little more flexibility to your work life, a portfolio career might just be the perfect fit for you.

Building and maintaining a portfolio career is a dynamic and rewarding process, but it does come with its fair share of challenges. However, with the right strategies in place—effective time management, financial planning, fostering connections, and maintaining focus—you can overcome these hurdles and create a thriving, sustainable career that’s as diverse and multifaceted as you are. Remember, every challenge is an opportunity to learn and grow, bringing you one step closer to mastering the art of the portfolio career.

Thanks for tuning into “Your Path to Career Success”.  I hope this episode has given you some valuable insights and practical strategies to start your portfolio career.

If this episode lit a fire within you, hit that subscribe button, share the love with a review, and spread the wisdom with your friends and coworkers. Alternatively follow me on LinkedIn Kathryn Hall “The Career Owl”.

Stay tuned for more golden nuggets to help you navigate the winding roads of your professional journey. 

Until next time, keep exploring, keep creating, and keep building the career of your dreams.

Resources:

Your Career Pathway Toolkit - THE CAREER OWL

https://www.buzzsprout.com/admin/2280624/episodes/14182504-s1-ep-9-embracing-authenticity-thriving-in-a-competitive-marketplace

Unleash Your Productivity Potential - THE CAREER OWL