Here are questions to be answered before accepting projects or setting fees with a new client.
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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.
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Has the client worked with a design professional before? If not, there is a greater risk that communication problems will develop.
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Has the client repeatedly switched design consultants? If so, they may be impossible to satisfy.
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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.
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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.
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Will the client pay a portion of your fee up front? Clients willing to pay up front will probably pay your invoices promptly.
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Is the client willing to sign your contract? If they have their own contract, what are the terms?
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Do you know what bank serves the client? Find out the bank’s rating of the client.
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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.
