How Should I Diversify My Business Income?

[gravy]

Over the past few years I've built up a pretty solid list of web development clients,however, I've realised that unless I increase my rate or start building a more structured agency I'm going to struggle to scale or rather make more money which has brought me down the rabbit hole of building an ecommerce store, dropshipping, internet marketing and affiliate marketing.

Now obviously each of these is going to have various pros, cons and costs but does anyone have any advice for figuring out that initial first step?

 

[Future State]

What exactly is your question? What initial first step? You want to know how to scale your client work? You want to know how to build an ecommerce store? You want to know how to do internet marketing? What are you asking?

 

[Philip J. Fry]

You're not actually diversifying your business income by taking on new projects within the tech world. You're going to another vertical, one where you have no experience or knowledge in. If you were diversifying your income, you'd move into a totally different industry like agriculture. This then hedges against a downturn in your main industry.

But, with regards to your actual question, I wouldn't move to a new vertical, when you have no experience or knowledge. I'd build a more structured agency. If you don't know how to structure a company, which is management, it doesn't mean that you'll somehow all the sudden be good at management if you go to a new vertical. Just stick to your current vertical and learn management skills.