Portfolio Career

“You are too young for that, leave that to old folk like me”

I found myself saying this to a colleague who had excelled in his career and was at the classic ‘what next’ question. 

What Next is the classic question for those of us into our second or third mid life crisis. Often, tempted by the smell of freedom and variety that comes from the gig economy, we step into what I call a ‘Portfolio Career’. My friend too was sniffing around the notion – and I was sure it was not the right thing for him. For me, yes. And for the likes of me. 

So what is this portfolio career. 

At it’s simplest, it is a career that is made up of multiple elements. For example, one takes on some consulting, some projects, some coaching and mentoring, a couple of hobbies that may generate revenues and possibly others that may bring other benefits. You will seek some board positions, will possibly find yourself coaching a local sports team or singing professionally. Each of these is part of your portfolio of things that you do. But as in an investment portfolio – you have structured this to meet your longer term goals. 

Firstly, a portfolio career is constructed. Oh, and did I remind you that it is a career move – a career in itself that is expected to sustain for at least five to twenty years. (For some like me, it starts in one’s twenties, for others, mid fifties or even later is a great time to start). A portfolio career is carefully constructed based on the usual stuff – your wins, your strengths, abilities, dreams, outlier risks you’ve wanted to take, and all the rest of it – there is a book in that level of detail, sure. Building the shape of the portfolio is a design process. This means that you will know the two, three or five things you want to do even before you have plunged into your first project. 

This is very different from gigs, though each of the elements of a portfolio career may be called a gig. A gig could certainly be a part of a gig career or even a part of a portfolio career. It depends on how you play it tactically. A gig career is often about the nature of the assignment which follows one or maybe two associated domains. A portfolio career is by definition about diversification both in the nature of assignments and across domains and skills. This is why, it is often more suited to those who are older. It does not hurt that this fits neatly at a time when the mind begins to whisper the question – was that ageism? – after certain interactions. 

In a portfolio career, every element is an investment. You evaluate it as if it were a financial investment but of course against the career goals you have set for that phase. Again, like a financial investment, it is the interplay of the elements of the portfolio that makes it a useful tactic. Are the rewards commensurate with my abilities and experience? They never are – so how does one element of the portfolio pull my net worth up to meet my expectations? Does one piece pay so much that I can afford to do another almost pro bono? Can I venture into domains that were never market worthy, but now can be cross subsidised by my other project? Does one project in my portfolio bring me so much prestige that it assures me of deal flow in future years? Can I do some boring or personal interest projects that hide behind the glow of this flagship project? In a portfolio you will need to construct your elements but also fill in the boxes with project choices that meet other reward criteria. 

Similarly for risks. Just like a portfolio, some risk mitigation, some hedging and some balancing across elements is necessary. Does one domain are tend to brand you as unprofessional and self indulgent? (“Oh, she has started painting now, she is not a serious analyst anymore”/he is now working on that NGO of his, not sure if he is the right person for your project). Your personal brand is very much part of the risk mitigation and investment required when you are working a portfolio career. Your portfolio career must need to manage classic cash flow management risks too, delayed payments etc. Also, all investments in your own career are costs too in times of time and money away from projects. These too need to be built into the strategic advancement you want in this type of career. 

This is not a choice that works for all. If you are still the type who needs the buzz of the win, the daily validation, this is not for you. Nor is it for those who are just starting out in work. You need to have established your credentials in some domain areas before you start constructing portfolios with them. Also, a portfolio is best suited to those who do not require their job or their firm to be their identity. It takes a lot of self confidence, self assurance to stand on your own brand. Let alone be your own marketing, PR, Business Development and production. It is exhausting and yet energising if you are able to build your passion projects into the portfolio. The challenge of the passion project is funding, is upskilling and of course the lone evangelist syndrome. Building that into the interleaving of your portfolio career is a great way to reach out for your personal moonshot while still maintaining professional growth. This of course is much harder than it sounds. Truly, this is not a choice that works for all. A team player, a line manager, a company person – they would all struggle here. You have to be a specific kind of person, and your circumstances will need to be in place for this type of a career to be constructed. A portfolio career is typical post retirement, but is certainly a delight if you can construct and sustain it in earlier decades.