This is what a lot of people think about when they think about retainers and when they consider the concept of receiving ongoing payments on a monthly basis from their clients. Now, in terms of the two types of consulting retainers, the first one is called Pay for Work. This allows you to create a base level of income and then continue to add additional recurring income on top of that. Having a relationship with your client that is based on trust is critical to make the retainer work as a consultant.Ĭonsulting retainers can help you to achieve consistent income, which is extraordinarily helpful when you’re starting your consulting business. And that can often be for months if not years when you’re delivering great value for your clients. Something that few employers actually offer you.Ĭonsulting retainers are one of the most effective ways to create a stable income because you get paid monthly on an ongoing, recurring basis. When you start and run your own business, you have control, the power to achieve what you want. You are the only person who can control your destiny. That when you work a 9 to 5 job and you’re in ‘general employment’ that that is real stability.Īs we’ve all seen, that is not stability.
#Retainer client contract template how to#
The more common of the two (especially for novice and mid-level consultants) is the Pay for Work model.īefore we actually get into the retainers and what they mean and how to use them, let’s actually explore what consulting retainers are.Ī lot of people have the idea that starting a consulting business is unstable. The one that’s right for you depends on your relationship with your client and their level of trust in you and your expertise. They are Pay for Work retainers and Pay for Access retainers. There are two types of consulting retainers that you can offer your clients. 2 Pricing Models For Your Consulting Retainers With this article, you’ll be able to set up the perfect consulting retainer and add more revenue to your consulting business. No matter what stage of business you’re in, consulting retainers can be the perfect value add for your clients and a fantastic source of predictable work for you.
I’ve used them extensively in my own consulting business, and at Consulting Success®, we advise many of our coaching clients to use them as well.īut selling them to your clients successfully requires a strategy - and the right mindset. They are also beneficial for your client because you have the time to focus on doing your best work for them - not spending your valuable energy grinding to find that next project.Ĭonsulting retainers are one of the most effective pricing models you can use. You bill them for hours worked (Pay for Work retainer) or for access to your expertise (Pay for Access retainer).Ĭonsulting retainers are favorable because they help you earn predictable recurring cash flow. What Is A Retainer Fee?Ī retainer fee is when you bill your client every month. Setting up consulting retainers with your clients will help you break out of this cycle. You have to “hustle” and do nothing but promote yourself so that you can land your next client and begin working on a project again. You don’t have time to market and sell your services, right?Īnd when you don’t have any more work, it becomes time to hunt. All with the hopes of booking your next client. You’re going out and networking and trying to meet as many people as possible. You’re asking everyone you know for an introduction to a potential client. You know the client you’re working with, what you’re doing for them, and when your next cheque is coming in.
#Retainer client contract template full#
One month, your schedule is booked full of project work. The “feast-or-famine” - or consulting roller-coaster - are two cycles common to the consultant in the early and mid-stages of their business. The earlier you are in your business, the more this challenge will be at the forefront.
One of the biggest challenges you’ll face in your consulting business is creating a stable income.
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