Some valuable questions for you to consider:
1/ Can you do what is required or expected, in terms of skill and resources?
2/ Have you received a signed Engagement letter, or equivalent, from the prospective client informing them how you operate, payment details and any other relevant terms and conditions?
3/ Do your personalities match? Not all clients are good clients and you don’t want to keep avoiding the client because you don’t want to deal with them or their work.
4/ Will this new client impact the service/s you provide to your other clients?
5/ Does this potential client bring any conflict of interest issues to your door, when compared against your other clients or business alliances?
Not all business is good business. Keep the above in mind to prevent unnecessary complications in the long (and short) term!