What percentage up front do you pay or charge for a consulting project? Or do you advocate different retainer models not based on a percentage?
Retainer/Upfront Deposit for Consulting
Answers
Depends on how you quoted the work. If project, then I have seen 10-20% to start the project. If hours, typically would not require retainer, but rather payment of billed hours on a shorter cycle (net 15 days). Hope this helps.
2
Thank you, Malak.
I agree with Malak on project (depending on whether there are misc expenses involved (travel, special software, etc.).
On daily, hourly rate you need to get a feel for the client, but based on how many days, I would get a weeks worth up-front. So if in one week on average you work 2 days, take a 2 day retainer.
NEVER START A PROJECT without a contract, proposal or some sort of document signed by the client that details the scope of the project, your responsibility, theirs and the terms (rates)..
If there are milestones or interim deliverables, I would recommend estimating the charge time to the first milestone and request that amount as retainer.
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