How do you solve the situation if you incorrectly estimated the cost of the project and realized this already along the way?

Question

Freelance

For example, you estimated the cost of the project at 100k, but after a couple of weeks, you realize that the work is at least 150-200k. This applies to those situations when I am faced with something new, seemingly simple at first glance. As a result, one feature can take 5 times more time and effort than planned. I think most freelancers take jobs where they learn something new, especially when it's something non-trivial.
Share your experience.

Answer 1

I didn’t decide if I had already signed up to do it at a certain price, I had to do it.

Answer 2

And how did you act as a child when you realized that you misled someone, giving, if not on purpose, but still false information? If you directly spoke about this, then act in your activities with the same "Makar". Announce to the client the need to re-evaluate the project work, make an estimate, with a justification for the increase in cost, and so on. Further, unequivocally, you will hear one of two options:
1. The client will agree with the extra charge, the transaction will be re-evaluated and cooperation will continue.
2. You will be called one of the harsh words in the vocabulary for this occasion, or hinted at your unprofessionalism.
In order to reduce the likelihood of on-the-fly re-evaluations in the future, place greater emphasis on the need for a quality and comprehensive Specification.

Answer 3

Contact the customer as soon as possible and offer to revise the contract.

Answer 4

In the first minute I tell the customer about it

Answer 5

Grit your teeth and do it. Plan better next time.

Answer 6

This happens most often, since the customer usually gives little information. You need to go the following ways:
1) Sign the contract only after the detailed terms of reference.
2) Do not dump, relying on the fact that usually there is more work than expected.
3) If a failure really happened - come to the customer and state the situation in detail. Adequate people will understand the situation if you explain it properly.

Answer 7

Depends on the situation. If the difference is not great, then you can silently do it. If it is significant (this is subjective), then the customer needs to write that here and here he expected it to be like this, but it turned out like this. It will take longer and cost more. Further negotiations.
Then you get smarter and the next time you take an hourly rate for any non-standard project where you are not sure of your assessment and its errors.