Agency
Pros: - They get you work.
- They put your book together.
- They market you via your book, comps., website.
- Fee is around 10 - 15% (which is deducted per job)
- Your work will always be current.
- You set trends and / or forecast trends.
- You get to try / test new products from brands.
Cons: - You get paid 30 - 90 days. (Industry standard is 30 days)
- Courier fees (FedEx, UPS, TNT, etc) are deducted. (for when clients request your book or they shop your book). Comps and mailers (CD's, DVD's, flash drives) are not applicable.
- Taxes are taken off, (on top of the deducted agency fee)
- You have to do your own taxes.
- You're exclusive to that agency.
- Any clients you already have or new ones, you have to bring them to them.
- You can't freelance.
- Any breach of contract they can withhold any monies owed to you or until they collect their cut.
- You have to keep calling them weekly (at the least) to let them know that you're available.
- For new or junior artists, getting two jobs in a month is very good.
- Senior or requested artists get booked all the time.
- Favouritism is rampant.
Free-lance
Pros: - You get paid immediately and keep ALL of the money! Yay.
- You get to keep your clients.
Cons: - You have to market yourself.
- You have to put your book together and keep it current. (this could also be your website)
- Agreements and contracts are verbal.
- If clients are withholding any money to you, you have to chase them down for it.
- You have to do your own taxes.
- You'll be chasing work, thus your book will be outdated.
In my experience. I'd rather be with an agency and be paid in 30 days. It's less stress in the long run.