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I am new to the freelancing game and I try to bill at roughly USD65. However I tend to work more hours than what I bill for or I charge less per hour because I
by yeureka 15y ago
I am new to the freelancing game and I try to bill at roughly USD65. However I tend to work more hours than what I bill for or I charge less per hour because I am afraid of loosing their custom when the project slips in time. I think this is because most of my clients are friends and acquaintances from previous jobs. Maybe I need to get strictly business clients. Also, one of my clients as asked how much I would charge for a retainer fee. I don't even know what to answer to that. Does anybody have experience with retainers? Are these a good idea?
- debaserab2 15y agoDon't put in a single hour of work beyond the estimate if you don't have a retainer, or you don't at least have good faith that the client has put the check in the mail. Why? You need some ability to walk away from the client without losing your shirt if the customer decides to go a completely different direction or completely rejects the result of your work. It at least keeps some food on your plate while you're doing the work. I do 20% retainer of the original estimate upfront, which is on the low end compared to other contractors.
- yeureka 15y agoThanks for you reply. I might have explained myself poorly but the client mentioned the word 'retainer' as a kind of contract where they pay me a fixed income in exchange for my 100% availability for any work they want me to do. They would pay for the work on top of that income as well. If I accept I get a more stable income but I might miss on interesting work opportunities. Is this what you refer to as retainer? Or is there a different word for this concept? It's almost like a call option in financial markets.
- a3camero 15y agoI think your definition is the more standard one. I think the parent post meant to say "deposit". Retainer is usually "$2000/month for up to 20 hours of work".
- j45 15y agoRetainers can be helpful, it means they get priority access/response time from you for a fixed fee per month. There are other forms that you can google. It's fair to increase your rates 2-3% every year for inflation, send out a letter 2-3 months in advance and it teaches your customers that things cost more every year.