Update: Had a video call and I have to admit, we got on very well.
It's the client's first time doing something like this and he was very understanding & open to ideas.
I shared my thoughts on the short timelines for the scope of work & how 4-6 months is a decent time frame. He understood & agreed that he didn't want to rush anything but didn't want it to take forever as well. Quality is more important than quality. So that's good.
I also mentioned that budget was on the low end of the spectrum & 15k was industry norm and that work for hire is an expensive affair and unnecessary, as he is planning to print 1000 - 2000 books in the first run. Other questions like how many languages & countries is yet to be decided. I offered a licensing situation which he's open to look into. I'll have to share a couple of options in that regard that works best for both of us. The budget is around 3k though.
Understanding the low budget but fun project situation, we have agreed to I sending in a sample sketch of one of the character & a creature, which will be paid for, if the project doesn't work out. It will be included in the total illustration cost if project does move forward.
What is the normal cost for a line sketch of a kid character & a creature? How does 50$ sound?