At this week’s Escapology Live group coaching we focused on Explore, Stage 3 of the Escape Method. I challenged participants to think about options for what they do next as ‘long spectrums’ not ‘teeny tiny boxes’ that it’s easy to say no to.
When we think more expansively we open ourselves up to ‘Maybe’, rather than an easy ‘No’. You could give this exercise a try – write the role in the left hand box and then think of as many variations on that role as you can.
But, as often is the case with these group calls, the conversation went more lateral. Away from variations on role (e.g. life coach, executive coach, expert coach…) and towards variations on engagement type.
Fixed term contract. Freelance. Part-time. Remote. Short-term assignment. Retainer. Zero-hours contracts. Project work via Upwork, Movemeon or Catalant. Side-hustle. Renting out an asset. Pro-bono. Selling a product.
It continues to fascinate me how much variation and fluidity there is these days in the job market. And how, for people who have valuable skills, experience and knowledge, there are multiple ways to make money.
I sensed a frisson of excitement in the discussion because it all feels quite exotic! There are options out there that most of us never knew existed when in full-time employment. Or maybe they weren’t options for us?
I’m not sure I signed anything at BP that said I couldn’t earn an income alongside my job, but I had a feeling there might be. And that was enough to make me not consider it.
Things have changed in the real world I know. There’s a woman at Shell I know who earns as much income as an Instagram influencer as she earns at Shell – and she’s been totally up front about it with her managers. I coach a woman who works for another giant corporate who’s been building a coaching business and a fintech on the side for years, with the firm expectation that she’ll be made redundant sometime and she’ll just flip. Charlie, one of my first podcast guests, was running a digital marketing agency alongside her Group Head of IT job at a FTSE 100 company.
Many of these options are available to us today alongside our corporate jobs. Whether we have the capacity or the energy is another question. But trying things in parallel is a sensible move, to test and prove demand, pricing or a business model, to refine or pivot your offer in the real world or simply to build some, often much-needed, self-confidence.
Since I left BP I’ve experimented with at least six different engagement models above to make money; four I’m doing still now – and I feel settled.
The portfolio career isn’t just offering the same product or service to different clients, but actually an opportunity to contract in different ways that suit both you and your clients.
For instance, a fixed term contract provides a degree of continuity and predictability, as does a retainer. Short-term assignments and side-hustles offer variety and experimentation. Zero hours contracts and freelancing offer flexibility. Renting an asset is a long-term income generator – and projects might boost the client roster and network.
There’s also an opportunity to exploit different models to diversify risk – almost the opposite of putting all your eggs in the full-time employment basket.
A different way to think about your portfolio career, for sure.
If you – or someone you know – is/are interested in exploring how it might work for you, drop me a line, I’d love to help – almost everyone I work with these days is after the ‘Have your Cake and Eat It’ benefits of a portfolio career, but in my experience they need to be designed, tested – and evolved.
And they may not be for everyone.
I’m working with a friend on a new venture to support people thinking about a portfolio career. If that’s you, reply to this blog, we’d love to chat.