It’s every freelancer’s dream: a big assignment. One of those opportunities that comes along once in a blue moon, a big project can be both a blessing and a curse. On one hand, it’s usually a lot of cash, and it can (at least for a while) fill the sales pipeline so you don’t have to spend quite as much time on business development. On the other hand, there are risks with taking on a high-profile, high-demand, but presumably high-value project.

The first decision you have to make is whether to say yes. Now, I know what you’re thinking, and you’re not wrong: “Who turns down a chance to make a whole lot of cash?” The answer is anyone who has said yes to a big opportunity in the past and had it turn out to be a catastrophe. When you’re deciding whether or not to take on a big gig, there are some questions you should ask yourself.

Can I Do It All Myself?

In some cases, a big project means managing subcontractors or working with other freelancers with skills you don’t have. There is overhead in being a project manager, and sometimes having to depend on others when timelines are tight can turn a dream gig into a nightmare of missed deadlines, unanswered emails, and last-minute scrambling.

Do I Have to Say No to Other Work?

A big project that takes up a significant amount of your time may mean you have to say no to other opportunities as they come along. While that might be perfectly fine, it also means you have to be prepared for the fact that those other prospects will find someone else to do the work, and you may miss out on future opportunities with them. While a bird in the hand is indeed worth two in the bush, losing your pipeline of work is generally not a positive outcome.

Do I Really Want to Do This Project?

I admit it: I’ve taken work that I don’t love just to pay the bills. While that’s a perfectly reasonable strategy when it’s something small, it’s not a great plan when you’re going to spend a lot of time on something. If you don’t love the work, it will turn into a grind.

Once you’ve decided to say yes, there are some logistics to consider. One of the biggest of those is how you’re going to get paid. Here’s another situation where what works on the small scale doesn’t work for the large or long-term scale. Some of my clients like to pay when the work is complete. If I did that with a big client, I’d be homeless and starving. Big projects should come with an up-front deposit and then a milestone-based payment plan.

Speaking of milestones, it’s a great idea to include checkpoints along the way, so you can get feedback, make sure your customer is happy, and have an e-mail trail in case things go off the rails later. A weekly project update meeting is essential, so you can make sure everyone is on the same page.

It’s tempting when you have a long-term gig to sink down into it and forget about marketing yourself. For those of us who don’t love networking and business development anyway, it’s easy to just let those activities fall off the list. The problem with disconnecting from your prospects and becoming invisible for two or three or six months is that when it ends you’ll be stuck with a big dry spell. If you’ve just made a dump truck full of money, that may be OK, but sooner or later you’re going to have to get back in the game, and that will be easier if you’ve kept your network warm.

Landing a big opportunity can be a game changer. It will let you stretch your skills, ideally it will give you a big cushion in your bank account, and it creates a strong bond with a client. Overall, it’s great to be asked. But make sure you go into it with your eyes wide open. Make a good choice, and if you end up saying no, make sure you refer your client to someone else in your network. That way you’re helping them find what they need and helping another free agent find business.