No Right Answer
Chip - As long as your direct labor is the exclusive source of revenue you will be bound to a feast-or-famine cycle. I would suggest if you need more money and have the support of customers to expand your business, you do it as quickly as you can. Who cares if you spend all your time managing a staff if the bottom line is more money in your pocket and less variance to the income stream.
If you've read any of Alan Weiss or Gerry Weinberg's work, you know if you are a sole income-generator there will be a ceiling that you will hit and not be able to break without without expanding. Years ago that number was around $500K; today it's hard to say with both inflation and poor economic trends at play. During your next walk you may want to think about re-making your career and using your knowledge to coach rather than do. You may find you enjoy it and open the door to grater wealth at the same time.
