Multiple Profit Centers for Job (and Life) Security & Satisfaction
ByFuture of Work, Job Search Tips— — Posted in
Extra Income Ideas for the Job Seeker, Income Diversifier,
& Career Transitioner Alike
“If a man [sic] will begin with certainties, he shall end in doubts;
but if he will be content to begin with doubts he shall end in certainties.”
– Francis Bacon
I don’t need to tell you about the changing job market & speculations of the future of work. You probably already know through personal experience, or at least that of someone you know that our jobs, and therefore our income, are not guaranteed.
In fact, many in Europe as well as the US are intentionally adopting what is being called the “portfolio career” approach – multiple forms of work, some out of necessity, some for the sake of variety & avoiding boredom, and/or, not wanting to put all eggs in the full-time job basket that may break at any time.
Over two decades ago I read what is still one of my favorite non-fiction books of all time – Making a Living Without a Job by Barbara Winter. She has long advocated a similar approach for entrepreneurs that she calls having “multiple profit centers” – various streams of income, much the way one diversifies an investment portfolio to minimize loss risk.
This concept comes in handy for an out-of-work job seeker, too – create a part-time income source to both keep you active and interested in something while you look to return to the workforce.
Or, you might be a current full-time employee looking to transition out of working for others to working for yourself, or, at least having the groundwork set up, should that become more of a necessity, than an intentional change.
Or, like a former housesitting client of mine (house & pet sitting being a side gig/ additional income stream of MINE since I love, but don’t own pets, and work from home, which my clients (2 and 4 legged) love about me!), pursuing her passion for dance on the side turned into a way for her to take on managing a studio full time and leave her long time career that had grown stale.
Whatever your situation or reasons, having multiple streams of income is wise – and fun!
I strongly encourage you to check out Making a Living Without a Job (even if you still want a job!) if you are interested in starting any (or many!) new profit centers to add to your income portfolio. Barbara Winter’s book will give you many more ideas and inspiring real people example stories.
One new profit center that may be fitting for many of you (including myself!) is to teach a class (tips in my post Training Tips for Non-Teacher Types) in an area of expertise & interest.
If it’s in your area of your career, teaching classes holds many benefits:
- Teaching helps build your reputation as a go-to resource & expert in your field, strengthening your ‘personal brand’.
- It is also a Resume and LinkedIn builder to add to these marketing tools to further your professional pursuits.
- Builds your network of contacts
Teaching a workshop you design & market yourself, whether online, within your field locally or nationally, working for a local college, or offering it online (instead, or, also) can be really fun! Many professionals also want to expand to working with groups to:
- Reach more clients & help more people
- Generate another income stream
- Offer a way for clients and others in your professional network to get to know you
- Plus, maximize YOUR time and reach by offering classes
Depending on the specifics of your teaching arrangements, there may be an opportunity for you to add additional profit centers to your classes in the form of products: audio or video recordings of that course or related courses, workbooks (in print or market an e-book on a website), ongoing monthly membership support and info groups online, and many others….
Get brainstorming! You don’t have to depend just on your full-time job to meet all your career, income, satisfying lifestyle, or needs to offer something of value in the world!