Freelance consultants enjoy a great deal of flexibility in their work. They determine when to work, the duration to put in, and the fees for their service. However, one of the challenges of freelancing is the unpredictability of work and the flow of income. One of the ways to shield yourself from the erratic flow of income is by getting a retainer proposal in place that leads to a secure contract.
You may be swamped with projects one month with a buoyant bank account to show for it. And just the subsequent month, there's a drought and jobs are not coming in yet your bills and expenses are piling up. On top of that, you may have unpaid invoices running into thousands of dollars in account receivables, which is yet to come in for one reason on the other.
The contract, once signed, becomes an agreement that provides you with a regular income flow. Once you draft a consulting retainer proposal template that is approved by a client, you can be sure of monthly consultancy fees even when a project is not currently running.
Before securing a retainer contract, you have to win your client over with a proposal that sells your service. Remember that the project you are applying for would not end any time soon; so, do well to focus on the value you will be bringing to the table and the importance of your services.
1. How is a retainer proposal different?
A regular or marketing retainer proposal is needed when a consultant expects a client to pay a standard fee regularly for an on-going project. Usually, the first payment is made in advance, after which the freelance consultant receives the agreed retainer fees.
Depending on the nature of the project/service to be rendered, consultants may suggest in their monthly retainer proposal template for clients to pay weekly, monthly, quarterly, or annual retainer fees. Retainer agreements are common for long work or on-going projects that require consistency.
2. Essentials of a retainer proposal template
If you want to draft a unique retainer proposal, ensure you cover the following sections in the document:
- Project scope
- Payment terms
- Project timeline
When writing the proposal, try to anticipate problems that might arise from the relationship and add a clause that addresses them.
3. Why use a retainer proposal template?
Not every freelance project application needs a consulting or graphic design retainer proposal template. It is needed if the project includes several of the following conditions:
- The project is an on-going work like weekly or monthly articles required for a blog.
- A large project that needs the services of a consultant over a long period.
- The project has a steep learning curve
- Project need consistency, monitoring, and evaluation
- A client doesn’t want to involve different freelance consultants.
4. Benefits of a retainer proposal template
Both clients and freelance consultants can benefit from a retainer proposal that leads to a retainer agreement. Here are the benefits of a retainer proposal:
- It can lead to a regular income flow if the client agrees and sign the document into a contract.
- A successful retainer proposal leads to a better relationship between consultants and clients.
- It controls your work schedule once it is finalized.
- It reduced your collection issues since you don't have to be worried about not getting paid for work.
Retainer proposals shouldn’t be used for projects that are less than a week to complete. Also, a good relationship between freelance consultants and clients to work out positively. In writing a retainer proposal, ensure you are clear and detailed in adding every clause that will ensure you have a good deal.