Another tip I can offer for designers is this:

Speaking from experience, I tell clients that for any project that there are always 3 things involved: Time, Money and Quality.

You can have 2 of those but not the third. What do I mean? For example:

1) If the client chooses Time & Money: This means he wants FAST & CHEAP, you need to let him know that the QUALITY will not be as good.

2) If the client chooses Time & Quality: You are going to give your BEST quality work in a very SHORT time, then make sure the client understands that this will be more EXPENSIVE.

3) If the client chooses Money & Quality: This means he wants both CHEAP and good QUALITY, then the client has to understand that you will do it in your own TIME with no or little time constraint. (consider it as a hobby work for own exposure).

There might be a few more combinations, but the principle always holds true: Choose 2 but the third will not be possible.

It's important to know this and never let yourselves be short-changed.