Today’s episode I am talking all about flat fee retainers and after my facebook lives and market research updating all of you. Of course I am also touching on how you can add in flat fee retainers the legal way!
Things we talk about:
- How flat fee retainers are just a legal suggestion. You are welcome to continue with percentage retainers if that makes sense for your business.
- How flat fee retainers can vary from different industries.
- A glimpse into four industries and how to apply flat fee retainers.
- What you need inside your contract to implement flat fee retainers.
- My most asked questions when it comes to flat fee retainers.
Here are a few quotes:
"Flat fee retainers is a big change, I 100% get that. It’s uncomfortable for some, but moving to that system is a change necessary, even though it may be a bit scary. But I promise in the long run you will love this method. It makes sense on all standpoints from the consumer, to you the wedding or elopement vendor, and a legal standpoint. Change is so hard but when you can pivot and make this change it’s going to save YOU money, time, and heartache in the long run. And, lets be real--that’s what I’m here as a lawyer to help you with… all those ‘what if’ situations. We all know COVID hit the wedding community hard this year as one of the biggest ‘what if’ situations to date."
"When TLP suggested percentage retainers previously in our wedding/elopement photography contracts, there were still hundreds (if not thousands) of photographers that continued on with a flat fee model. Thus, the way you run your business may be different then others and that is okay if you can do so legitimately."
“This is not “multiple and endless fees”. Instead, it can be laid out as a simple installment payment plan that will save you as the business owner in the long run. For elopement photographers in particular, you can easily split your total costs into 3-5 installment payments over time, explain to your clients what those payments are for, and still have simple rounded numbers that clients are paying."