461: Retainer Offers - Five Common Mistakes
The BizChix Podcast: Female Entrepreneurs | Women Small Business | Biz Chix
Natalie Eckdahl
4.8 • 630 Ratings
🗓️ 4 March 2021
⏱️ 16 minutes
🧾️ Download transcript
Summary
Retainers provide predictable recurring revenue to your business and allow you to know what you can afford to invest in next. I LOVE the stability retainer offers create for service businesses, but retainers can also cause problems if you don’t structure them correctly, so today I’m covering FIVE common mistakes for you to avoid in your retainer offer.
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This episode first appeared at BizChix.com/461.
Transcript
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| 0:00.0 | I love helping my clients create a retainer offer in their business. Retainers provide predictable recurring |
| 0:07.7 | revenue and allow you to know what you can afford to invest in next. But retainers can also |
| 0:15.6 | cause problems if you don't structure them correctly. So today I'm covering five common mistakes for you to avoid in your retainer offer. |
| 0:27.9 | Before we dive in, may I welcome you to the Biz Chicks podcast, which has been supporting |
| 0:33.1 | women entrepreneurs since 2014. |
| 0:36.2 | I'm your host, Natalie Eckdal. I'm a business strategist, |
| 0:39.8 | beach lover, out-of-the-box thinker, author, speaker, mama, caregiver, MBA, and CEO of BizChicks, |
| 0:47.4 | Inc. My passion is helping women entrepreneurs grow and scale their businesses while retaining more profit, delivering more impact, |
| 0:57.0 | and creating more time for their VIPs. My VIPs are my husband, Mark, and our three kids ages 6 to 18, |
| 1:05.5 | and our kittens, Missy and Max. I have a very full life running a home, family, and this dream business where we coach |
| 1:12.3 | and train high-performing women entrepreneurs from around the world. Currently, I have three |
| 1:18.3 | teams helping me stay focused and have more impact. The amazing bizchicks team, my home |
| 1:24.0 | support team, and a team of caregivers helping my mom. My favorite thing to encourage other |
| 1:29.2 | women is to get as much help as they can afford. And may I remind you that just because you can do |
| 1:35.5 | something does not mean that you should. Let's review what a retainer is before we talk about the |
| 1:43.5 | five common mistakes. A retainer is a |
| 1:47.0 | mutually beneficial long-term arrangement in which your client pays a previously specified |
| 1:53.4 | amount of money in advance to assure your services will be available to them during the time |
| 1:58.9 | period specified in the contract. The client pays a lump |
| 2:03.2 | sum up front or makes a recurring monthly payment and you work with them on a long-term project |
| 2:09.7 | or provide them with access to services each month. Now retainers can be paid monthly, quarterly, |
| 2:16.2 | or annually, but most often they are paid monthly |
... |
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