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Every solo business crosses a threshold in its development when you focus your efforts and become more selective about your clients and customers. In rocky economic times, it is tempting to choose clients based primarily on financial considerations. Yet I find that I do my best work -- and meet my personal and professional goals -- by aligning myself with these four factors when considering a project.

1. Contribution.
Can I use my talent, skills, and experience to make a significant contribution to the client's business? Can I help them reach their objectives? If not, I refer them to a colleague who can serve them better.

At first, it may seem odd to turn business away, but risking your reputation by taking on projects for which you can't deliver superior results is not worth the gamble. Plus, you gain something more valuable: the client's respect. It's one more reason to build a pool of solo colleagues to whom you can reliably refer work.

2. Chemistry.
Are those I'd be working with individuals I like, respect, and trust? This trio of qualities forms the foundation of my business. The few times I've strayed from these benchmarks, it's been a less-than-satisfying experience. (I've been fortunate to work with some terrific people and companies over the past two decades -- and I know they have spoiled me.) Pay attention to your intuition when assessing these qualities.

3. Challenge.
Are there elements to the work that will stretch me in new ways? Will I learn new things and expand my skill set? The importance of these factors may rate higher or lower on your list, but I've found that a project must offer at least a bit of a challenge to sustain my interest, and to bring forth my best work.

4. Compensation.
Of course, the financial arrangement is important in any project. Will I be paid well (and promptly) for my work? I also consider what else I might take away from the project besides a check. New contacts? Referrals? Payment in goods or services? Bear in mind the total compensation value.

Making smart choices about which clients and customers to work for is always an important element in growing a solo business, perhaps even more so in challenging economic times. Opportunity costs are high -- by saying "yes" to one client, you're saying "no" to any others until your time is freed up again. Choose wisely.

-- Terri Lonier
Founder, WorkingSolo.com