Contract Worker - Freelancing Experiences

The 3 Reasons Why You Should be a Retainee

by Rico on May 16th, 2007

Like it or not, making a living exclusively through freelancing isn’t the most stable gig in the world. Oh yes, there will be times when the supply of money seems endless, and you pat yourself on the back for leaving that limiting 9 to 5.

But other times, you’ll find yourself scrounging the couch for loose change, walking home to save a few bucks, and desperate for new projects. The fact is that even if you actively market yourself to potential clients, projects may be hard to come by.

That’s why as freelancers and contract workers should devote some time to retainerships and become retainees. These are small-time and -scale jobs that usually don’t require a significant time commitment. Examples such as contributing articles to a magazine, maintaining a corporate website, and making two posters a month for a company come to mind.

1. Retainerships are great because even if the pay isn’t that big, you’re assured of earnings every month. And at the very least, the constant credit to your bank account will make it a lot easier to budget money for necessities. This helps cut down the times when you have to ask yourself “will my money come in time for the rent?”
2. Another advantage of being a retainee is that you have more opportunities to show off your skills and network. The constant output required of you will fill up your portfolio, while helping out your retainer will present more possibilities to build up your contact list. In other words, retainerships can also help you score some new major projects.
3. Last but not least, retainerships make sure you’re never idle. Aside from being the devil’s playground, idle hands also mean that your sword becomes dull, your needle becomes bent, and other metaphors that imply a loss of skill. Aside from income, retainees are also sure of regular opportunities to apply their skills and expertise.

Retainerships shouldn’t be a freelancer or a contract worker’s main source of income. In fact, when the demand for your services grows to such an extent that you have major projects coming at you left and right, you should consider dropping them. But they’re a great way to make those slow business days a bit easier to bear.

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POSTED IN: Great Advice, Living as a Freelancer, Marketing Your Skills