Graduates willing to take a walk on the wild side should consider setting up shop as freelances. Selling their skills, knowledge and experience to more than one client reduces the risk of putting all their eggs in the single basket of full-time employment with one company. The freelance life offers autonomy, flexibility and variety.

There are, of course, disadvantages — income can be sporadic, there is no security and it can be hard to plan for the future. That said, many new graduates are opting for the uncertain delights of becoming self-employed contractors.

Some market specialised skills in a specific line of work — for example, offering home-computer users IT services and advice. Others exploit their multiple skills to develop diverse portfolio careers.

A recent survey of more than 3,500 creative studies graduates, Creative Graduates— Creative Futures, found that 45 per cent had worked as freelances and a quarter had started a business early in their career.

The study, conducted by the Institute for Employment Studies for the Council for Higher Education in Art and Design, also found that 48 per cent of graduates were combining paid employment with self-employment and voluntary work.

Charles Handy, one of Europe’s best-known business thinkers, coined the term portfolio worker for a freelance who draws an income from several sources.

For the past six years, Birmingham City University has been running Insight Out, a five to ten-week course designed to help new graduates to manage a portfolio career.

This year the university’s New Technology Institute will offer up to 30 West Midlands graduates the chance to attend three programmes in which they will be taught some of the skills necessary to run their own businesses and to diversify their incomes by developing several revenue streams.

Sara Middleton, the institute’s director, said the course was originally intended to help graduates setting up their own businesses but now is more about assisting them to pursue portfolio careers.

“People who graduate in, say, filmmaking are looking at ways to diversify their income,” she says. “It will not just be about making films but perhaps making videos for mobile phones to advertise a product or service, doing some editing for a games company, making wedding videos or training young people. We give graduates an idea of possible different revenue streams if they are going to set up as a sole trader.”

There are sessions on how to market a business, manage its finances and pitch for business funding. Negotiation skills are also taught and students learn how to create a public profile for themselves using Facebook, Twitter and blogging. Students are mentored, coached and encouraged to reflect on their entrepreneurial skills.

One early graduate of the course, Paula Tew, 33, combines product and textile design with working as a business adviser, trainer and mentor for people wishing to set up businesses in creative industries, such as film, art and design, and photography. She also uses her product and textile design and photographic skills to help to teach children in schools, manages the occasional training scheme for charities and assesses applications for grant funding.

Kirsty Davies, 30, a jewellery designer and another course graduate, has just presented a collection at her first trade show in Earls Court, London. Her luxury self-assembly jewellery box set won the best fashion product award and has attracted interest from a large Japanese buyer as well as from luxury boutiques and lifestyle stores.

As well as creating her own collections of jewellery, Davies is looking for freelance jewellery design work and for one-off commissions.

A third graduate, Daniella Genas, 25, has set up a not-for-profit social enterprise, Aspire4U, which manages community events, provides work experience opportunities for young people and offers event management training.

Genas also presents a community radio show, is a freelance journalist and works as an occasional motivational speaker. Oh yes, and she also does some hairdressing on the side.