Freelancing offers flexibility, but it often comes with unpredictable income. One way to bring stability to your freelance business is by offering retainer-based services. A retainer agreement is an ongoing contract where a client pays a set fee each month for a specific scope of work. Retainers can provide consistent income, foster stronger client relationships, and streamline your workflow.
In this post, we’ll explore the benefits of offering retainer-based services, how to structure these agreements, and tips for selling them to clients.
A retainer agreement is a contract between a freelancer and a client that sets up an ongoing relationship with consistent monthly work. Instead of billing clients per project or hour, retainers allow you to offer recurring services and receive a fixed monthly payment. Clients benefit by knowing they have access to a trusted professional for their ongoing needs, while you enjoy a predictable income stream.
One of the biggest advantages of retainers is consistent income. Retainers ensure you have a steady cash flow each month, helping you better plan for expenses and stabilize your income. This stability can also give you the freedom to take on additional projects as needed without feeling pressured to constantly search for new clients.
Retainers allow you to build long-term relationships with your clients, which leads to more trust and mutual understanding. By working closely over time, you can understand your clients’ business goals, preferences, and needs, enabling you to deliver higher-quality work and become an essential partner in their success.
With retainer agreements, you have a clearer idea of your workload each month, allowing you to plan your schedule more effectively. This predictability can help reduce the stress of fluctuating project loads and improve your time management. Retainers also allow you to prioritize your clients’ needs since their work is a guaranteed part of your workload.
Retainers reduce the need to constantly find new clients to maintain steady income. Instead, you can focus on delivering value to a few key clients. This can lead to increased efficiency in your business, freeing up time to refine your skills or pursue other professional opportunities.
Offering retainer services signals to clients that you’re a serious professional with a structured business approach. Retainer clients are typically more committed, which fosters a greater level of professionalism and respect for your time and expertise.
Creating a clear structure for your retainer services is crucial for both you and your clients. Here’s how to go about it:
Clearly outline the services included in the retainer. Specify tasks, deliverables, and limits on revisions or adjustments to avoid scope creep. For example, if you’re a graphic designer, your retainer might include a set number of design tasks per month, such as social media graphics, presentations, or website banners.
Retainers can sometimes lead to clients expecting unlimited work for a fixed fee. To prevent this, set boundaries around what is covered under the retainer and what will require additional fees. Include limits on hours, number of tasks, or specific types of work.
There are three common retainer models you can choose from:
Decide on a fair and consistent payment structure. Most retainers are billed monthly, but you can also offer discounts for clients who commit to three or six months at a time. Ensure the payment terms are clear, including when payment is due and any penalties for late payments.
Make sure your contract includes a renewal clause to revisit the retainer terms periodically. This allows both you and the client to adjust the scope or pricing based on evolving needs.
Selling retainer services can seem challenging, but if you present the benefits clearly, clients will often see the value. Here are some tips to help you pitch retainers successfully:
Identify areas where clients need continuous support, such as monthly social media posts, regular blog updates, or IT maintenance. Highlight how a retainer can solve these ongoing needs more efficiently than separate, ad-hoc projects.
Explain the value of working with the same professional regularly instead of hiring new freelancers for each project. For instance, with a marketing retainer, you understand their brand voice, objectives, and style, which ensures consistency and quality.
Retainer services can be cost-effective for clients, as they save time and resources by having a go-to freelancer who understands their needs. Point out that your retainer clients get priority access to your services, which can often be less expensive than hiring someone new for each task.
If a client is hesitant, consider offering a one- to three-month trial period at a reduced rate. This gives them a low-risk opportunity to experience the benefits of working with you on a retainer basis.
Clients want to know they’re committing to someone dependable. Emphasize your experience, any past long-term client relationships, and your commitment to maintaining a high standard of work. Positive testimonials can also help clients feel more confident in the arrangement.
Depending on your field, there are various retainer services you can offer. Here are some examples:
Offering retainer-based services as a freelancer can bring stability, strengthen client relationships, and make your business more predictable. By clearly defining the scope, structuring the retainer model, and presenting the benefits effectively, you can establish a steady income stream that supports long-term growth.
Whether you’re a writer, designer, developer, or consultant, a well-structured retainer agreement can be a game-changer for your freelance business, allowing you to focus on doing what you love with the assurance of a consistent income. So, if you’re ready to add a layer of stability to your freelance career, consider giving retainers a try!
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