[dudeinhawaii]

Make sure it's something you really want to do since it may consume all of your free-time for weeks or months at a time. Don't be me..

Midway through my career I was given a golden opportunity to side-gig consult for a project that could have launched a consulting business. Instead, after an excellent presentation and client interest -- I laid out some numbers that were very high. You see, I had (and still have) a very high valuation for my free time. The customer balked but remained intersted and offered a counter. I told them it was non-negotiable and terminated without providing a counter-offer. I ended up embarrassing my colleague who had given me the opportunity to pitch to an exec team of a golfing buddy.

In the end, it was no harm done (I was working for FANG) but I learned that I valued my free time far too much to work a side gig unless it was a startup of my own design.

[zamfi]

For anyone who doesn't want to repeat this experience: you can almost always come down in cost, by also coming down in scope -- and retain your hourly rate.

I can't speak to the project above, but typically starting with a smaller-scoped project at the original high rate is a good way for both sides to evaluate whether the relationship is working without a huge commitment.