As freelancers, consistent work is essential to the health of our business. There is nothing more frustrating than the rollercoaster income that comes with strictly working with clients on a one-off basis. You'll get a handful of projects one month, feel great, and then experience a ghost town the next.
I experienced the freelance rollercoaster for the first several years of my freelance career. It was when I took inspiration from creative agencies and how they structured their business model that I was able to see a massive shift in my business.
The biggest change that I made was starting to work with clients almost entirely on a retainer basis (of course starting them as one-off clients first to make sure we were a good match).
Implementing retainers into your own business structure can bring consistency and stability that will keep your business thriving all year round. Most important of all, you'll be able to actually project your income, prep for your projects thoroughly, and stop planning your life a week or two in advance.
WHAT IS A RETAINER?
A retainer is an agreement between a client and your business that secures a set amount of work and fees each month or quarter for a specific duration of time. A retainer typically spans over a few months and is renewable at the end of that period.
WHY WOULD A BRAND WANT TO WORK ON RETAINER?
From my experience, brands with budgets who value consistent content and campaigns prefer retainers. Their content needs don't just stop so being able to provide them the assets they need to market their products every month solves a massive pain point.
Additionally, I make sure to position the service as the way my business works with clients. Because my services are booked out in advanced, a retainer is really the only way for a brand to ensure they're on my calendar.
WHY RETAINERS ARE BENEFICIAL IN YOUR BUSINESS:
Retainers are beneficial on so many levels. They provide freelancers with consistent work, income, and financial security. If you know how much money you’re going to make each month, then you can confidently plan for the future. Additionally, retainers allow photographers and videographers to fully focus on the quality of their work instead of worrying about meeting their revenue goals/needs or searching for new clients. They also lead to a stable project flow that enhances communication and trust between you and your clients, allowing you to form long-term relationships.
HOW TO TURN A ONE-OFF CLIENT SHOOT INTO A LONG-TERM RETAINER CLIENT
A big misconception about retainers is that they are reserved for big companies with big budgets. However, this isn't true. Some of my best clients who trust my expertise, pay on time, and are the most reliable are small to mid-sized businesses.
Here's a brief breakdown of how clients become retainers...
Point of introduction: either I reach out the client using my Portfolio Sprint or Golden Nugget pitch strategy (two methods of personalized outreach we train our community of freelancers on) or they reach out to me
One-off shoot: this is where we accomplish the short-term content needs of a client. Maybe they're launching or new product or website. We get to know each other, I establish my expertise by coordinating the project efficiently and making it as easy on the client as possible.
Post-shoot call: This is where I go over the shoot with the client and have a casual but well-prepared conversation about what it looks like to work with me on a long-term basis.
Over time, this becomes a natural progression for each client you work with. It's important that you're only getting into retainer contracts with well-vetted clients. I created a free checklist here to go over the key criteria you need to look out for when pitching retainers.
