I contracted for many years, and then with some good hiring, managed to start a successful software development agency., My 2 cents is:

* Finding (good) clients is key to your success

* Ongoing relationships beat new projects almost all the time

* Focusing on a specific niche(s) helps set yourself apart

I write a bunch of articles on this stuff, you might fine some helpful if you decide to take the leap https://www.devtoagency.com