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Mixing friends and business is dangerous. Proceed knowing that you could lose the friendship. Or don’t.
You might still lose the friendship, so be prepared to detach just in case. If you’re not confident/you think there might be stumbling blocks along the way, charge them what you’ve already been getting for your most recent gig. If you know it’ll be a step up/more of a leadership role, increase that by like 30% and figure it out from there