Building Your Creative Income: 7 Practical Steps for Financial Freedom with a Portfolio Career.
Even though the days of job security and one job for life are long gone, the idea of it being replaced by a career solely focused on one area of expertise is also becoming outdated. Especially with the rise of the gig economy, more and more people are turning to portfolio careers to build their creative income. A portfolio career means having multiple sources of income, often in different industries or areas of work, rather than relying on one full-time job.
For many creatives, especially generalists, this type of career may already be familiar - working on freelance projects while having a part-time job or taking on various side gigs. But with careful planning and deliberate action, a portfolio career can be a sustainable and fulfilling way to build your creative income and achieve financial freedom while doing work you love!
In this article, I share insights from working with creatives (for a decade now!) on how to create a portfolio career that works for you. I hope it will inspire you to follow your career dreams and embrace the opportunities that come from having a portfolio career.
Embrace your unique generalist nature
As a creative generalist or someone with many interests and passions, the traditional linear career path with a single job and source of income often leads to bore-out, especially if your talents are being underutilized (which they usually are). Instead, a portfolio career combines multiple income streams aligned with your passions, interests, talents, and skills. That's the amazing part! But, however exciting this approach can be, it often feels financially precarious.
Many of my clients have expressed concerns about financial stability while pursuing their creative endeavors, a recurring theme when onboarding new coaching clients. They might feel like they don't have their "shit together." Or they might have innovative business ideas they're unsure how to market, like this wonderful creative who has been in wine and restaurant management before having a child and who came to me while working on a nut-free energy bar recipe geared towards new mothers, also considering an app focused on mother care. A typical way for a creative generalist to connect seemingly unconnected dots or, as I like to say it, discover their unique "glue."
7 Practical steps for financial freedom with a portfolio career
As a creative (generalist) and entrepreneur, building a multi-source income stream is crucial for long-term financial sustainability while allowing you the freedom to do work that truly fills you up. Here are some practical steps that worked for me and many of my clients to help you create your own thriving financial foundation:
#1 Map your talents and skills, and learn to appreciate them
As someone with a creative and entrepreneurial mind, you have many skills, talents, and interests. That's a given. But being clear about what you're good at and enjoy doing isn't always straightforward. Make a comprehensive list of everything you can do, from your professional experience to your hobbies and creative pursuits.
Consider how each of these can potentially generate income or how you could combine a few into a career. Don't underestimate the value of seemingly unrelated skills or interests; they can often be combined in unique and profitable ways.
#2 Diversify your income streams strategically
Multiple income streams are the cornerstone of a portfolio career and decide its financial sustainability. This can include freelance work, a part-time job (or "good enough job," as Barbara Sher calls it in her book Wishcraft), selling creative or online products, teaching workshops, consulting and coaching, or developing online courses.
The goal is to create a mix that provides both a stable base and opportunities for growth. Consider how you can use your different skills, talents, and interests to create a mix of income streams for your portfolio career.
#3 Understand that fear is the dreamkiller
As you start building a portfolio career, or if you've been thinking about what you could do for a long time but haven't taken any substantial action toward one or more ideas yet (hello, unfinished projects on the shelf, I see you!), it's important to acknowledge and understand that fear can be a major roadblock. Fear of failure, rejection, and not being good enough are all common fears that can hold us back from pursuing our dreams. The insidious thing is that fear often doesn't show up as fear. It disguises itself in very well-packaged excuses, such as "I don't have enough time" or "I'm not ready yet," or as perfectionism, people-pleasing, or procrastination.
It's important to remember that fear is just a feeling, and feelings can be managed and overcome. It's about shifting your perspective and learning to work through your fears.
#4 Price your services and products high enough
Many creatives struggle with pricing their work. Remember that your unique mix of skills and perspective brings significant value. Research industry rates, but also consider the value you bring to each project. As mentioned in my book "Get Unstuck!," building a business that feels right and using marketing practices aligned with your values is important.
Don't undervalue your expertise out of fear of not being good enough. Instead, price your services and products high enough to reflect the value you bring to the table. It is important for you to get fair compensation for your work and to help you build a sustainable business model.
#5 Collaborate and network with other creatives
Collaboration and networking are key components to any business or career, but as a creative generalist, I find it's more important than ever. We are still living in a world of specialists, and that can erode our self-worth and talk us out of our portfolio career dreams. By connecting with other creatives, you can expand your skills and knowledge through learning from others. Additionally, collaborating with others allows you to work on projects that may have been too large or complex to take on alone or that you were too scared to even start with!
My exclusive community, "Gen Spark," is here to do just that: facilitate collaboration and connection among creative generalists. Click here to discover more and become a member.
#6 Manage your finances mindfully
Financial management is key to making your portfolio career work - or any career or business for that matter. After working with creative entrepreneurs and generalists for a decade, I know that the admin and financial side of their careers and business are often not their strong suit. However, this doesn't have to stop you from being successful. With mindful and intentional financial management, you can stay on top of your finances and make good decisions about your career and business.
To start, it's important to understand the basics of personal finance, such as budgeting, saving, investing, and managing debt. This will give you a solid foundation for making financial decisions that align with your goals and values. I know it sounds scary, but you can do it!
#7 Never stop learning and growing
Continuously learning and developing your skills is important for a successful portfolio career. But one thing that is more important than any other is learning how your creative brain works. That is why psychoeducation into the uniqueness of your creative brain is part of my work with my clients.
How good is it to know how you should do something if you are unaware of how your brain actually operates? Understanding your strengths and weaknesses and how to work with them can be a game changer in your portfolio career.
Building your creative income as a creative generalist takes time, intention, strategic planning, and an unwavering belief in the value and uniqueness of your multifaceted self. But once you have laid the foundation and established a solid portfolio career, the possibilities are endless.
Ready to take real steps towards building your own thriving portfolio career?
Are you done with being confined to just one career path and ready to embrace your multi-passionate nature? Are you tired of feeling like you have to choose between your different passions and skills?
I can help! In fact, liberating creative generalists from the 9 to 5 is what I do best. Let's discuss your unique skills, passions, and financial goals and start mapping out a strategy for your portfolio career.
