Cheap work is undervalued and seldom appreciated by the client.
Cheap clients tend to be excessively demanding and disorganised. They often make you wait for information and input, and require regular follow ups when it comes to payment. In addition to the time and revenue lost while trying to complete the project, you’ll find you end up providing them countless hours of unpaid support.
Frankly, sometimes it's better to have no work than cheap work. The time spent working on cheap projects takes away from the time you could have spent on something of value to you, even if it does not generate income up front.
Occasionally you’ll take on a project that seems reasonable, but over time it becomes more demanding and the revenue generated doesn’t justify the amount of time and effort you put into it. If you have a good relationship with the client you can try explain the situation and renegotiate your fee. In many cases, clients won’t accept an increase in fees so you’ll be forced to take stock and decide whether to continue at a rate that’s unsustainable or simply stop working on the project altogether.
By doing cheap work, you put yourself in a difficult position and your team at risk.