Diversifying into related fields

It is easy to diversify to various related fields when you are a freelancer. All that you have to have is the energy and determination to learn more. Diversifying may sound a bit too general. But diversifying can be very strictly specialization as well.

Diversifying helps in many ways. It paves for easier application of theories of one project to another. Your learning curve may be slow but you may end up reaping the benefits of being an expert at what you do. They are measurable when you get higher paid projects. This may result in spending less on advertisements since you will have the good will, which an expert can command, from the client who may refer you to many others as well.

Diversifying helps specialization since every time you diversify; you also specialize in a new subject. Which means the term diversification goes hand in hand with specialization on a new line of business. While concentrating on your primary strength, it is also necessary to ramp up and diversify. Clients can see through your specialties or expertise very easily. Hence, it is necessary that you need to be a master at what you do. Which also means, that every time you diversify, ensure that you learn the ropes of the new technology well enough to generate an income out of it.

Let us take the example of journalism graduates. They can diversify into writing books, magazines, or articles and publish them. This will ensure that they have their own set of working norms. But here, they have to try hard to publish their work. What they need to have is experience working in a publishing house or even at a newspaper to learn how they need to manage both aspects of the business viz writing and publishing.

People in the technical field have a better chance of diversifying. They can learn new programs and computer languages. There are ample certification courses available as well. In fact, they necessarily need to diversify since technology gets outdated faster. The individual has to update himself with newer technology to keep abreast with the trends. This also allows this field to be very dynamic in terms of inventions and changes.

Web developers have an advantage here. The internet is the place where all the new things happen and web developers will get opportunities to develop new websites about the new industries and technology. Thus, a freelancer who is a web developer will have vast knowledge about every single aspect of the business that he is working with.

Marketing consultants can double up as advertisers. They know the product they sell and they know the different aspects of the product. Similarly, once you are successful at marketing a product and has the knowledge on the skill sets required, you could sell anything. Same is the case when it comes to advertisements. Marketing professionals double up as advertisers for their products. Both these skill sets go hand in hand.

The above throws light on how a freelancer can diversify into different skill sets and use them to generate income. While diversification generates income, it also generates more business. One could create new products while selling some other products or invent a product that goes well with the ones that you are selling already.

The question is whether you prefer to be in the comfort zone or not. Being in the comfort zone means lesser risk. And being away from the comfort zone generates risk. But experience will tell that even while you take calculated risks you could have success calling on you with huge profits and business opportunities.

The key to diversification is to start slowly. Learn each new technology at a pace set by you. Then master them. Once you know where to keep your next step you will know how to climb up the treacherous path. It is a full time job in itself for a freelancer to expand his business.

Another way of diversifying is to outsource less and to do more. Many occasions warrant that some of the work related to your project be outsourced to another freelancer. But situations like that can be a hidden opportunity for the freelancer to learn those new aspects and to be a master of his work. The key is to recognize learning opportunities and outsource lesser and lesser. This way you can earn more and generate more business as well. The new learning will be helpful in future as well.

Do some training to your subordinates or peers and impart knowledge. This way, you are sharing your knowledge and get to know some form them as well. Follow the above techniques and it sure will help your diversification process.

About K Saravana Kumar

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