8 Steps to Your Portfolio Life
How to explore the portfolio life
A portfolio life means you have control over how you split your
time between work, home and leisure
Date: 23 February 2006
Whichever title you choose for it - portfolio life, portfolio
career, portfolio work - it is a way of life that has become an
increasingly popular choice in recent years. It's not difficult to
see why. Changes in patterns of work, life expectancy, retirement
age and pensions have all helped to undermine the traditional "job
for life" and the loyalties that went with it. In contrast, a
portfolio life allows you to take on different roles with different
employers or clients. More than that, it means you have control
over how you split your time between work, home and leisure.
Many who consider this an attractive prospect are keen to
explore it further but hesitate to make the move because they lack
sufficient understanding of the prize on offer, of the pros and
cons, and of the preparatory work necessary. Here are some
practical steps that will help would-be portfolio professionals to
move towards achieving the goal of a truly balanced lifestyle.
1 Understand the potential
Exploring the benefits of being a portfolio professional can be
useful at any stage of your career - it's not just a retirement
option.
A well-designed portfolio is a collection of activities that fit
together to form a balanced whole. The potential benefits are
independence, flexibility, balance and control. Get in touch with
people who are already working in this way, since they're in the
best position to tell you the pros and cons. Consider seeking help
from a coach to clarify your thoughts.
2 Look at where you are now
Stand back from work pressures and ask yourself what you're
really about. Take a fresh look at your CV and identify the skills
and talents behind the job titles. Consider your past jobs, their
successes and disappointments, the roles you play in your present
life and how you divide your time and priorities between them. What
values are most important to you? Are they in harmony or in
conflict with what you're doing now?
3 Identify where you want to be
Take a blank sheet of paper and make a list of the 1 0 things
you will look back on most proudly when you review your life. Then
list five things you want more of and five you want less of.
Now, think about getting the balance right between income and
time. How do you spend your time now? Where do you want that to be
in the future? What has to change? How much money do you need,
compared with what you want? Make a forecast of your personal
financial future.
4 Work out how to get there
"Doing what you enjoy, what you're good at- and getting paid for
it" is a description of the ideal portfolio.
In the best portfolio careers, work comes in different guises
and at different rates. You may choose to continue what you are
doing now, but open up some time to explore the different routes
you want to take in the future.
Or you may be ready now to move to the types of roles that make
up a portfolio - such as nonexecutive, coach, trainer, adviser or
charity worker- on a part-time or interim basis.
5 Plan for the best timing
When's the right time to make a change? Is the security and
framework of your current role right for now, or is this the time
to make the leap? If you have an urge to follow your dreams at some
stage then do the planning, get everything in order, and when the
opportunity is presented - perhaps an unwanted job move or a
cutback- you'll be in position to make the positive move you've
planned.
The best way to get your portfolio off the ground is through a
part-time or interim role with your current employer. The best exit
strategy - if the crunch comes - is with the portfolio option
developed and up your sleeve, so you can negotiate from a position
of strength.
6 Prepare for transition
Once you've decided on your new portfolio life, you need to plan
how to cross the bridge to get there. Financial planning is
important if you are going to get the right balance between income
and time - you need to ensure that you have sufficient income to
meet your needs.
On this, and on the whole move, your immediate family must back
your decision. It affects them and their lives. They may be happy
that they'll see more of you, but do they realise how much life may
change with you working from home?
7 Enjoy the rewards
You've arrived: you're portfolio-ing. Enjoy the day when the
first cheque comes in with your name on it. Enjoy working with
people you like, doing what you're best at.
Ruth Ball is a former HR director who now runs a successful
portfolio life. Her change was eased by the springboard of a
coaching contract with her past employer, but she says it still
took time to cross the bridge to her new lifestyle. However, the
rewards are what she hoped - greater variety in her work, better
working environment and, above all, control of her time.
8 Discuss ongoing options
Portfolio life has benefits for employers too. Recognising it as
an option for employees can help companies to change roles and
personnel. Management teams can be rebuilt without losing corporate
knowledge, skills can be retained part-time, and exit transitions
planned smoothly.
Agreeing an ongoing part-time role allows employers to retain
the corporate intellectual property unique to the employee.
Checklist
Is portfolio life right for you?
- Understand the potential - independence, flexibility, balance
and control.
- Think about where you are now and ask yourself what you're
really about.
- Where do you want to be in the future? How are you going to get
there?
- What combination of paid and unpaid work will you do?
- When is the right time to make the change?
- Will your family support you?
- Once you get there, enjoy the rewards- greater work variety,
better working environment and control of your time.
The experts
Adrian Bourne, Christopher Lyons and Colin McCrudden are the
authors of You .. . Unlimited, a practical guide to the portfolio
life. To order the book or for excerpts, advice on coaching or
support in your transition, visit the You ... Unlimited website www.youunlimited.net
