Am I crazy to turn down this work?

[wonkylegs]

I have been offered a project working with a former colleague. It would be a collaboration between our businesses rather than as an employee.
I have serious reservations
about doing it and wondering if I'm crazy to turn it down as it is work and I'm trying to build my albeit small business.
I have a few problems with it -
It's the kind and of work I hate (dull, soul destroying with clients whose bottom line is profit only, so the reward is only financial, not what I got into this business for)
It has timescales which will make it hard to take on any other work and will push existing projects onto the back burner, this is a concern as I don't think I would get further work from this project
It will take just under year and once started I can't back out.
I will have to make initial outlay for additional costs.
Although it's nice to be asked, I will be working with a former colleague who used to be senior to me, we are now at the same level and I'm not sure she will accept that role change.
The money although it would be nice, we could live without it and without the workload I could take on other smaller projects which would offset some of this.
Am I crazy to say no?

God no, say "no" to it. It sounds like a year where you could be very unhappy. If you don't need the work, don't do it.

Thanks for replying
I know you're right but creeping self doubt at turning work down is making me worry about taking the decision.
I think it's hard as I work alone I've got nobody to discuss it with. I did a pros & cons list and it's even more apparent on paper it's the wrong thing to do, I think I would regret saying yes in the long term.

Instint says no. Instinct wins!

I know where you are coming from. It is difficult to make the decisions alone and also when you are small - they will have a big impact.

I think it all sounds like too much hard work....

Take it from someone who has just unwittingly blundered into a similar assignment, it's not worth it! It doesn't sound like you will be getting anything from this in terms of professional development, and it is not going to be rewarding. I have just posted on in this section about a conundrum I am in where I have accepted a job which looks set to tie me down for months and I am seriously worried that I will have to compromise other more rewarding and CV-worthy work to complete it. Your instincts will most definitely be right!

i'm replying a few days later so not sure if you have made up your mind, but i would agree with the others. Although the financial compensation sounds tempting, it may well be holding you back from other better paid work that you want to do. It's surprising how many opportunities come up when you turn down the stuff you hate doing, and you can really focus on finding work you love

how about you decline the work but give yourself a target of finding X new clients in the areas you really want to be in by such and such a date. Doesn't always take a lot of work to find them.

Also there is some benefit in saying you're all booked up to this client as it makes it sound like you're more desirable, in demand etc, but maybe you could also say that while you're busy at this time you will get in touch when you get a bit free-er in case they need a hand. That way if you don't have any back up work you can always try them again for something else and they may well take you on for another project.

Thank you for all your messages. Thought I'd update, I turned down the work and it looks like a good thing as have just been approached to look at doing something potentially exciting and rather cool. Going to meet the clients soon. Very excited.

Go wonky! Glad something exciting has come along.