Decide if it’s time to diversify

In this playbook, we’ll focus specifically on developing a new product or service that you own, like a podcast, e-book, newsletter, set of resources, or something else. When you maintain whole ownership over something you develop, you have more control over how you’ll market that product. You also receive all of the financial benefits from that offering. Build something once, then you’ll continue to benefit from it long-term. It’s a route I highly recommend.

In this step you’ll learn about what it means to diversify your business and if the timing is right for you.

When do I know it’s time to diversify?

Here are some signs that it’s time to diversify:

• You have exciting ideas about what you want to build.

• You feel frustrated that your schedule and income are dictated by your clients’ needs and whims.

• You crave autonomy.

• You want to invest in the future.

• You’re a bit bored with your workload and looking for a new creative challenge.

• Your finances and existing services are stable.

• You’re jealous of the people in your social media feeds who’ve written their own books or run their own podcasts.

• You’re worried about the state of your industry and want to make sure you have several services and products lined up, just in case the industry goes south.

• You have expertise to share with a certain group of people.

• You can see how working “like this” for a while will cause burnout, and you want to approach your career in a different way.

• You’re okay with investing unpaid time upfront to gain long-term benefits.

Use this decision tree to help make an informed decision. Follow the path to the location that makes the most sense to you. Some of us will find that we need to build foundational skills and systems in our freelance businesses before leveling up! Others will find that it’s time to diversify right now.