A thriving consulting business needs a constant stream of new clients, after all. I even have one client who often pays the retainer fee before I've even invoiced.
The first thing he asked me was if instead of doing an hourly rate, could he set up a monthly retainer. Of course I said yes, as I know this is the.
It's important to keep searching for new clients as a consultant, but you should also pursue long-term contracts with a retainer agreement that specifies the fees.
Consulting retainer rates - think
I understand how to basically set my fee structure and was introduced to new terminologies like "retainer rates" and "project rates". Most beginning consultants use a daily rate or hourly rate structure. Most companies that hire a consultant on a retainer basis have a clause in their contract that prohibits them from working for the competition. If the project gets delayed by the company, or they ask to completely redo it, you can find yourself with a low hourly rate or being unable to bill. Sure, it was scary to drop a long-term client and somewhat steady paycheck, but now I'm actually making more and working less so it's all worked out just fine. Determining Pricing: How Much Are Your Consulting Services Worth in... What factors should consultants consider when determining consulting fees?