Here are questions to be answered before accepting projects or setting fees with a new client.

1. Is the client financially sound and willing to provide financial references? The greatest risk for a design firm is the risk of not getting paid for services rendered.

2. Has the client worked with a design professional before? If not, there is a greater risk that communication problems will develop.

3. Has the client repeatedly switched design consultants? If so, they may be impossible to satisfy.

4. Can the client name his or her own project manager? Unless each party has a clearly defined decision maker, firms will spend more time getting client decisions, resulting in costly delays.

5. Will the project jeopardize the efficient and timely production of work already under contract? Taking on too much work can add risk to all projects.

6. Will the client pay a portion of your fee up front? Clients willing to pay up front will probably pay your invoices promptly.

7. Is the client willing to sign your contract? If they have their own contract, what are the terms?

8. Do you know what bank serves the client? Find out the bank’s rating of the client.

9. Do you know how well the project is financed? How often are you asked to design something that has no financing prearranged?

Score: If you answer yes to 8–9 of these questions, the probability of a successful and profitable project is excellent; 5–7 is fair; below 5, do more homework before taking it on.