How to decide if a project is worth doing?

Expanding your construction business: Planning your next move
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How to decide if a project is worth doing?

As an experienced business owner will know, say It’s correct Every chance that crosses your path can lead to disaster.

But judge when to say Are not can be fraught with what-if-so speculations. To make it easier to separate the wheat from the husk, here are four questions you should ask yourself before deciding whether to take on a new project.

1. Will the project enhance my portfolio?

There are two ways you can enhance your portfolio: Through alignment or type of work.

  • Advanced via link: Have you ever visited a website that says “As seen in [insert publication]? “Sure you have. These clients and projects that can provide you with this social proof may be worth working on.
  • Advanced by job type: You can specialize in one service or a range of services. By addressing customer work related to your core service, you enhance your portfolio and demonstrate that you can deliver that service.

2. Can I charge what I’m worth?

Many business owners make the mistake of jumping through all the new projects without really understanding how long it will take them to get it done.

So clearly define how much time you will spend on the project by defining the scope of work. Then, once you understand what the job entails, ask yourself: Am I get value time?

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3. Is there long-term potential?

Many small business owners sell themselves just to get a foot in the door. They agree to work for a lower salary (and in some cases even for free), especially if it’s their dream client.

It doesn’t matter how reputable the client is; you should always evaluate the long-term potential of a project:

  • Is there potential for extra jobs?
  • Is this a one-off or will there be repeat projects?
  • If this is a break, will it benefit me?

One-off projects can benefit you when you’re starting a business and need social proof. But constantly relying on them means you’ll always be hustling for new business, which can cause cash flow problems.

So it’s wise if you get a few customer anchor who can guarantee you a certain income every month.

4. What is my gut telling me?

Have you ever felt:

  • Not comfortable promoting a particular brand (maybe you don’t believe in the brand or their values ​​conflict with yours)?
  • Are you worried about the type of work the client wants you to do?
  • Uncomfortable talking to a particular client (you can’t put your finger in it at all, but feel like something’s wrong?

This is your gut talking. Everyone’s feelings are different, but it’s important to get your emotions in check when working on any new project. Your gut is a powerful thing and, in my experience, is rarely wrong.

Inference

It’s often easy to say yes to every project that comes your way, especially if the money is on the horizon. The truth is that not every project is worth pursuing.

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However, by asking these four questions and being more selective with the projects you work on, you can avoid these situations.

Have you ever worked on a project that turned out to be a nightmare? What did you do? Tweet at us @Fundbox and let us know about it.

This post was written by Nick Darlington of FreshBooks for Fundbox. Fresh books making invoicing and accounting easier for millions of small business owners.

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