I’ve been freelancing for a while and I’m seeing consistent monthly income. It’s got me thinking about whether I should expand into additional services or stay the course with what works.
While my revenue isn’t skyrocketing, it’s stable. There’s a tug-of-war in my mind between diversifying now and maintaining my current groove.
Revenue stability is actually the perfect time to experiment. You’re not in panic mode trying to fix something broken.
Here’s what worked for me:
The key is being honest about why you want to expand. Boredom isn’t a great reason. Client demand or obvious opportunities are better signals.
I’d also suggest picking something that naturally fits your workflow. If you do web design, maybe add copywriting. If you handle social media, consider email marketing.
Don’t expand just because revenue is flat though. Sometimes flat is exactly what you need for a sustainable business.
Look at your cash flow first. Can you handle 2-3 months of slower income while you figure out the new service? If yes, then try it.
I always tell people to expand when business is good, not when you need the money. You make better decisions when you’re not desperate.
Start small though. Pick one thing that uses skills you already have. Don’t jump into something completely different right away.
This video covers some good points about service expansion strategies.
Test it with a couple clients before you commit fully. Way easier to back out early if it’s not working.
I waited too long to expand and regret it now.
Had steady clients for about 18 months doing basic bookkeeping. Revenue was good but flat. Kept telling myself I’d expand “next quarter” but never did.
Then one of my biggest clients cut their budget and I scrambled. Wish I had started adding tax prep services earlier when things were stable. Would have been less stressful to learn new stuff when money wasn’t tight.
If you have the time and energy now, test one small addition. See if existing clients want it first. That’s way easier than finding new people.
Stable income sounds good to me. Why mess with something that’s working?
I just add stuff when people ask for it.
I suggest you expand when you can handle a setback. If experimenting with a new service won’t impact your main income, give it a shot.
Keep it straightforward. Avoid anything that requires a lot of new tools or training. Choose something that complements your existing skills.
Testing new offerings with current clients is smart. They trust you already, so you can get honest feedback easily.