This series of 10 moneymaking tips for journalists began on Adam Westbrook’s blog, but continues exclusively on Journalism.co.uk from today.
Adam’s e-book, Next Generation Journalist: 10 New Ways to Make Money in Journalism is on sale now.
09. the portfolio career
Here’s a key thing about the Next Generation Journalist which separates them from the rest of the crowd: they have more than one stream of income.
This is a new way of adapting to freelancing life in the 21st century, where journalists need to be more than a sole traders pitching ideas to every editor in town. They should be their own business, with their own brand and a multitude of revenue streams.
The Portfolio Career, or as some call it in other fields the Renaissance Career, was much more difficult before the internet. The web makes it easier and cheaper both to set up a business and to maintain more than one. The web has also made it easier to develop a passive income: the right business ideas can bring in money without a proportional amount of work.
A portfolio career is a great option for journalists because it enables us to use our different skills in different ways. I know radio newsreaders who have a sideline doing voice over work, a reporter who designs websites in her spare time; there are journalists who teach, train, lecture and sell stuff online.
The portfolio career…
- provides you with more than one revenue stream, protecting you from unemployment or a quiet month
- allows you to pursue several passions at the same time
- is now easier than ever thanks to the internet
To make this work you’ll need a good brand and a good portfolio presence on the web, two things covered in detail in Next Generation Journalist.
It’s something young people are already familiar with. A survey called Creative Graduates, Creative Futures published in January 2010 questioned 3,500 UK students on creative or media courses: 48% of them had already developed a portfolio career, while studying!
Those who do it say it’s very fulfilling. Nick Williams is a London based career coach who helps people develop their own portfolio careers. “We can design our portfolio life to give us space and time in which to reflect” he says “and in which to start developing new projects, products and services.”