Of course your bid was too high, but are you willing to comprimise on the quality of your work? I have been in your situation many times, as we all have. I have comprimised and not done the job to my standard. Afterward, and even while doing a lousy job I have been upset, grouchy and mad. Not mad at the customer, but mad at myself because I comprimised on my standards. And when you accept the job as a cheap price, you have just locked yourself into a cheap price as long as you work for that customer. Each time you go into the job, you will be pissed off and will again comprimise yourself. My advice, don't do it. If you do a good job, you will get a good feeling, a feeling of pride. There are those who will pay for quality work. The trick is finding those jobs. Keep your standards up, you will get refferals based upon your quality.
When you do a poor job, you will know even if the customer does not know. If the customer does not care if the job is done properly, fire the bastard!
Yesterday I fired one of those, a yellow bastard. Every time I dealt with them, I comprimised myself and the name of my company. Every time, I was pissed off when I went in and when I left because I knew the job was not to my standard. Yesterday we came to an understanding, all he carred about was cheap. He constantly complained about the price. The checks were always late. No more, he will find my price was too cheap.
Yesterday, McDonalds called. Next week I go in and disconnect, remove the Ansul systems, the extinguishers, the exhaust fans and anything else I can carry off. I will store the stuff, and use it at another of his stores. No question as to price, will I really keep it for his use or sell it to others. When the new store is ready, he will call and I will install the Ansul and extinguishers. At the same time I will oversee the installation of the exhaust systems, gas works, and anything else I will be servicing. All w/o asking about cheap price or workmanship. Now, who do you think I will be giving the better service to, and not have to comprimise my standards? Oddly enough, I do a lot of free stuff for my McDonalds. I get called for things I do not do, which allows me to help other tradesmen who meet my standards and help me.