Here at Love, Entertain, Live, the creative is number
one. It is only right to discuss a major
issue with the artist once the art has brought in considerable capital. All artistic professionals, graphic
designers, painters, sculptors, musicians, vocalists, and even celebrity and
sports figures have one thing in common: they have a team of professionals
working day and night to keep them relevant and successful.
What’s this “retainer fee” you speak of?
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.com
says that as 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:
http://www.ereleases.com/prfuel/wp-content/uploads/2009/12/cash_payment.jpg
Image Source:
http://www.ereleases.com/prfuel/wp-content/uploads/2009/12/cash_payment.jpg
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