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Selling hours inherently plays into the hands of the dreaded scope creep.Īnd this is where an alternative pricing strategy comes into view.
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This may be high-value freelancing from your client’s perspective, but it’s certainly not when it comes to your career. You basically get paid less the better you become at your job. This means you’ll be doing more work in the same amount of time but with no extra financial reward. These hourly retainers can work well for certain types of services but for others, it can be detrimental to your income and productivity.įor instance, the more skilled you become in what you do, and the longer you work for the same client, the faster you’ll inevitably work. Traditional retainer agreements have usually been based around selling hours of your time. This is in no small part thanks to the traditional retainer model. Yet with all the benefits of a retainer agreement, they have nevertheless sometimes been viewed with suspicion and confusion, both by freelancers and their clients. Plus, working with a select few clients on a recurring basis suits some types of freelancer personalities, especially those who are shy or prone to phone anxiety. As such, your workflow quickens and you can deliver improved results. This provides you with ever-deepening insight and knowledge into their business, target markets, and industries. You work with the same client over a period of months and even years. It leads to steady work and pay, which quickly improves your cash flow. New clients are understandably apprehensive about agreeing to a monthly financial commitment if they’re unsure of the value you will bring.ĭeveloping a retainer agreement has a number of benefits for freelancers. However, it can be difficult to sell high-value monthly retainers, at least at the beginning of a freelancer-client relationship. The primary benefit for you, the freelancer, is a sense of stability, with a predetermined amount of money coming in, each and every month. A retainer is an agreement with a client whereby they pay the freelancer a set fee each month for ongoing work. A great way for freelancers to create a recurring income stream is through the use of a retainer contract, especially a high-value one.