What a Retainer-Based Approach Can Do for a Consulting Business
Of all the pricing methods a consultant can operate by, there’s one that provides professional serenity better than any other — implementing a consulting retainer.Â
This model allows you to know for sure that your income will be immediate, secure, and paid in full. However this method comes with its share of drawbacks, so it’s important to thoroughly understand the concept before deciding whether to implement it.
Here, we’ll get some perspective on:
- What a Consulting Retainer Is
- Types of Retainers
- Perks and Risks of Retainers
- Determining Retainer FeesÂ
A consulting retainer is a fixed sum of money paid in full, upfront to hire a consultant for an allotted period of time. It’s a pricing model that covers a consultant’s assistance with specific deliverables or expertise to guide more general operations.