I have a long term client were I'm working fulltime as a freelancer. They are starting to have some financial problems due to declining sales (perhaps related to covid, I don't know). I have to work 2 weeks less this month because of this. The future is uncertain.
The client realises that If I work less for him, that I have to find another assignment and combine the two. I don't want to do this really because the context switch between 2 simultaneous clients is very demanding. They also prefer me not to do this because they know I'll probably have to switch fulltime.
On the other hand I don't just want to drop the client since I'm the only one that understands their software well enough, so just leaving for another assignment will be problematic for them. I don't want to be the nail on the coffin by leaving.
As an alternative I was thinking to stop billing by the hour as a freelancer usually does. But try to act more like a software company: I was thinking to estimate the amount of work for just support, maintenance/small changes and bill a fixed price each month (let's say this would be equal to 2 days a week) and request that I work from where I want. To protect myself I would still say that my maximum amount of hours are equal to that estimate. This way the client will always have someone who understands their software and keeps it up to date... ALSO the responsibility of finding and describing work would be on the client which will hopefully give me more time in the week to (again hopefully) find other client(s) to work with this way.
How feasible is it to work like this? If not feasible, is there anything else I can do to keep the client? will I ever be able to work fulltime like this?