What’s this “retainer fee” you speak of?
Creatives need professionals like publicists, managers, accountants, and lawyers working behind the scenes.Some professionals ask for a retainer fee for their services.A retainer fee is a monthly or annual fee, paid out by the client.It is a flat rate fee that usually ranges anywhere from $500 to $3000 monthly, depending on the extent of work and the quality or reputation of the professional providing the work.
The Pros to hiring someone on retainer: 1. There is no limit to the tasks that need to be done. Once both parties agree on the extent of work and the retainer fee, the publicist or lawyer contributes accordingly.Based on the Huffington Post, the publicists job is to present the artist to the world.2. The retainer fee is usually a discounted amount, compared to the hourly rate.Myclientspot.comsays thatas long as a client is using the discounted amount calculated hours, the retainer is worth it.For example, if a lawyer requests a retainerfee of $3000 per month, at 10 hours per month, but the client only uses 5 hours a month, it may be cheaper if the hourly rate is only $350 per hour.The cons to hiring someone on retainer:1. The employee does not have a vested interest.If a publicist is hired to work on commission, that publicist is required to show results in order to receive payment.In other words, if the artist does not make money, no one makes money.2. It is expensive to have an employee working on retainer. It should only be done if income is steady.
So what’s an artist to do? Start out simple.Offer an affordable flat rate, with opportunities for commission throughout.This allows both parties to test the waters and prove their dedication to the art itself.
Image Source:
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