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Consulting for Biomedical and Biotechnology Companies:
Is it Right for You?
Presented by: John W. Ludlow, Ph.D.
Brought to you by Principal Investigators Association
60 Minute Live Webinar on Wednesday, July 31st at 2:00 PM EST
This insightful Webinar will cover areas within the biomedical and biotechnology sectors where consultants are often employed, the different types of work environments for consultants, a generalized approach for starting your own consulting business, and some points to ponder when thinking about consulting as a career.
Click Here for More DetailsClick Here for More Details
5 Key Take-Aways:•How to get started with consulting•How to determine if consulting is right for you•Expectations from a career in consulting•The advantages and disadvantages of a long-term consulting agreement•Available resources
First and foremost, take an honest look at what you consider yourself to be an expert in, then, have specific
examples to support your claim.
Check around to see if opportunities exist for your area of expertise and look into organizations
to assess if your expertise may be beneficial.
Network to get more info on opportunities, deficiencies, and where your skills may be an added value.
Consulting Consulting WhileWhile Maintaining Maintaining an Academic Faculty Positionan Academic Faculty Position
Are you permitted to consult Are you permitted to consult outside of the university? outside of the university?
Does consulting affect your Does consulting affect your university compensation?university compensation?
Do you have the time to Do you have the time to consult?consult?
Presentation Goals
1. Assessing the landscape for opportunities in your area of expertise
2. Points to consider when setting up your consulting business
3. Consulting vs. freelancing
Areas of emphasis will be highlighted in Blue.
1. Introduction• What does a consultant do?• Overview of a consulting career• Pros and cons of being a consultant
2. Setting up your consulting business• Start-up costs• Organization
What you will learn during this webinar:
3. Maintaining a steady stream of work3. Maintaining a steady stream of work
•Getting that first client Getting that first client
•Repeat clientsRepeat clients
• Networking Networking
•The perpetual ‘job interview”The perpetual ‘job interview”
4. Suggested resources4. Suggested resources
5. Summary and closing remarks5. Summary and closing remarks
To purchase this webinar for only $49 To purchase this webinar for only $49 visit visit http://bit.ly/BioMedConsult
What Does A Consultant
Do?Biomedical and biotechnology consultants assist companies in their research and product commercialization.
Consultants are compensated for sharing their experience and know-how with their client to help them attain goals and solve problems.
Consultants provide outside, objective points of view in areas that the company may not be seeing or even thinking about.
Consultants are hired to lend their expertise to clients in need of insight not available with in-house staff.
What Does A Consultant Do?
Overview of a Consulting Career
Consultants are often used to launch a start-up company
Consulting opportunities exist for practically every scientific discipline
The time period of a consulting agreement varies widely.The time period of a consulting agreement varies widely.
Consultants supplement company staff and save the costs Consultants supplement company staff and save the costs of hiring a full-time employee.of hiring a full-time employee.
Consultants often act as the catalyst for change.Consultants often act as the catalyst for change.
Overview of a Consulting Career
A Consulting Career
What My Friends What My Friends Think I DoThink I Do
What My Mom What My Mom Thinks I DoThinks I Do
What Society What Society Thinks I DoThinks I Do
What My Clients What My Clients Think I DoThink I Do
What I Think I DoWhat I Think I Do What I Really I DoWhat I Really I Do
Pros of Being a Consultant
You choose the projects to work onYou choose the projects to work on
Compensation increaseCompensation increase
Time flexibilityTime flexibility
Work is variedWork is varied
There is a tremendous upside to consulting; if you approach it There is a tremendous upside to consulting; if you approach it carefully, you can minimize the risk and improve the rewardscarefully, you can minimize the risk and improve the rewards
5 Key Take-Aways:•How to get started with consulting•How to determine if consulting is right for you•Expectations from a career in consulting•The advantages and disadvantages of a long-term consulting agreement•Available resources
Who Should Attend:Any academic PI, scientist, post-doctoral fellow wanting to see if consulting for biomedical and biotechnology companies is a reasonable alternative to their current employment situation
Live Webinar Wednesday July 31Live Webinar Wednesday July 31stst at 2:00 PM EST at 2:00 PM EST
Only $49 exclusively for
SlideShare viewers
Cons of Being a ConsultantCons of Being a Consultant
Income may not be steadyIncome may not be steady
Clients fail to payClients fail to pay
Building client base takes time and moneyBuilding client base takes time and money
Managing your own benefits, taxes and Managing your own benefits, taxes and retirement savingsretirement savings
You are not an FTE of the companyYou are not an FTE of the company
Setting up your consulting businessChoose your legal structureChoose your legal structure
Prepare your business planPrepare your business plan
Decide on FinancingDecide on Financing
Create your officeCreate your office
Create awareness about your businessCreate awareness about your business
Start-up CostsRegistering as business
Location
Financing
Office and supplies
Accounting
Marketing and advertising
Organization
Sole Proprietorship
General Partnership
C Corporation
S Corporation
Limited Liability Company (LLC)
Organization
Articles of Organization
Company name
Who will be the executor
Principal office
Member –managed or manager-managed LLC
Employee Identification Number (EIN)
Are you rendering a professional service
Limited Liability Corporation (LLC)
Points to considerConfidentiality agreements
Conflict of interest
Insurance:HealthUnemploymentDisabilityLiabilityLife/Accidental Death
SEP-IRA
Consultant vs. Freelancer
A consultant is a person who is paid to provide professional or expert advice in a particular field or specialty.
Consultant:
A freelancer is someone who works independently, selling work or services by the hour, day, or job, with no intent to pursue a permanent or long-term arrangement with a single employer
Freelancer
Looking for Opportunities
Past employers
Vendors
Your network
Local biotechnology center
Professional organizations
Landing That First Client
Learn the fundamentals of consulting in your area
Leverage your personal and extended network
Past employers
Securing ClientsProvide a written proposal
Offer competitive pricing
References
Confidentiality agreements
Conflict of interest
Sizing Up and Coordinating Opportunities
Duration of the project
Is it local or will you be traveling
Work from home or at client site
What will my expenses be
What is my return on time investment
Maintaining a steady stream of work
Plan ahead
Mix of shorter and longer-term projects
Visibility creates credibility
Exceptional client service
Successful outcomes/solution
Maintain a level of service beyond technical or problem solving
Maintain continued impartiality and objectiveviewpoints to the changing needs of the client
NetworkingMake networking a priority
If you want help, you must also help others
Keep track of, and up with, your contacts
Look for opportunities others may miss
Do not wait until you are desperate to network
The Perpetual ‘Job Interview’Numerous resume revisions
Systematic searching for work
Continuous selling of your skills
Being constantly evaluated
Repeated reference requesting
Suggested ResourcesHow to start a consulting careerhttp://consulting.about.com/od/gettingstarted/Getting_Started_with_a_ConsultingFreelance_Career.htm
http://consulting.about.com/od/gettingstarted/a/Fstclient0405.htm
http://www.ehow.com/how_5153056_consulting-job.html
Table comparing different business organizations:http://themoneyalert.com/Corp-Entity-Table.html
Obtaining an EIN numberhttps://irs-ein-number.com/
Summary and Closing RemarksHave a realistic and honest answer regarding what you are an expert in
Consulting requires more than being a subject matter expert; learn the fundamentals of consulting
Really think through the cons of a consulting career
Network, network, and network
5 Key Take-Aways:•How to get started with consulting•How to determine if consulting is right for you•Expectations from a career in consulting•The advantages and disadvantages of a long-term consulting agreement•Available resources
Who Should Attend:Any academic PI, scientist, post-doctoral fellow wanting to see if consulting for biomedical and biotechnology companies is a reasonable alternative to their current employment situation
Live Webinar Wednesday July 31Live Webinar Wednesday July 31stst at 2:00 PM EST at 2:00 PM EST
Only $49 exclusively for
SlideShare viewers
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