Hello Everyone,

I just had a quick question in regards to offering retainer packages. I have noticed a common theme when it comes to retainers in that they are offered with set hours (10 hour, 20 hour, 40 hour, etc.). I was just wondering what the pros and cons would be for offering set retainers versus retainers established towards the clients needs (maybe they only need 15 hours a week). Of course, if they only need 15 hours, they could choose the 20. I was just curious though for your take on this.

Your thoughts and opinions are appreciated!

Darlene

I am planning to work with clients to find retainers that fit their needs and then assign the hourly discount. Currently, my retainer fee for 10 hours/month is offered at a 5% hourly discount, 20 hours/month is 10%, 30+ hours is 15%. If they wanted 15 hours/month, I'd give them the 5% hourly discount, or they'd get a 10% discount for 25 hours/month. I just realized that I should make that clear on my site, because it looks like the hours are set in stone. Thanks for bringing up this issue!

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Tammi Metzler ~ The Write Associate
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Darlene - I don't think it should matter as long as you are receiving appropriate compensation from your client. Customizing your retainer is an excellent idea. Of course you want to make the client happy and be able to get future business from them and other customers.

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Be Well,
Carla
www.bwellbusinessservices.com
virtually meeting your needs

This is a really great question but not something I feel at all qualified to answer simply because I never did offer retainer packages, rather a straight hourly rate.

I did consider adding retainers to my practice but decided it would be too much work keeping track of the details for each client, etc.

As Carla said, as long as you're being compensated then it wouldn't really matter how you set it up. One thing I'd be careful of is offering too many options and ending up customizing everything - the more consistency you set up for yourself when it comes to billing and the like the less work you make for yourself in the long run

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Thank you for the replies so far. I am really getting into the nitty gritty in building my business policies and such. Your ideas, opinions and advice are really really appreciated!

Darlene

You're going the smart route, digging into these issues sooner than later. Smart move!

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Thanks, I know in some instances I am going to be caught off guard, so I may as well make other areas as easy as I can. Of course, there are always exceptions to the rule and no matter what my policies cover, there will always be something I didn't expect.

Darlene

Hi Everybody, I just want to say thank you so much for all the info on retainers. I was thinking about it because I've never done it and I'm a newbie so I was going to ask, but since I've been reading these threads you've all answered my questions!

Love this forum!!

Blessings,
Lisa

Two of my clients have customized retainers. I tend to work with my clients to suit their needs and my needs. One client wants 20 hours a month so I have knocked $5 off the hourly rate I would normally charge. Plus I also give discounts to non-profit organizations.

Jess in MA

I'm trying to figure out why so many virtual assistants don't use retainers?

Without retainers we're stuck in that same trap of TRADING DOLLARS FOR HOURS. We're an asset to these companies, and our time is very valuable.

It sounds crazy but one of my CLIENTS had to break this down for me one day. He said:

"You need to understand how valuable you are to companies.If you think about it, If a client is on a retainer for a max of 20 hours per month and he only uses 16...then he's paying that monthly rate to have access to you as his assistant. If your clients have the luxuary of saying "I have a virtual assistant" then they should be paying whether they use you the entire month or not. Trust me, if a client is on retainer, they'll do their best to get their money's worth each month. But if they don't, you get paid for being "accessible" and not just getting paid for each "hour" of labor you put in.

Whoa! He was right. Don't give away every hour of your day for a price. In my opinion we should all have a monthly fee and be someone's assistant instead of a temp that's paid by the hour. We pay a monthly fee to have access to cable channels on our televisions right? And you know if we go the entire month without clicking on the t.v we still pay that monthly fee. This is no different. We have "access" to cable if we want it just like they have "access" to their virtual assistant every month.

New entrepreneurs that come in saying they don't know how much time they'll need every month...start them off small based on their budget and adjust it as necessary if they start to go above that. I'm telling you guys...retainers benefit both you and your clients. My favorite client had to show me my value...and I'm soooo glad he did.