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Consulting for Biomedical and Biotechnology Companies: Is it Right for You?
This webinar presents consulting opportunities for professionals in the biomedical and biotechnology fields, covering aspects such as the consulting environment, starting a consulting business, and key considerations for a successful career. It highlights the pros and cons of consulting, including the flexibility and potential rewards as well as challenges like inconsistent income and client management. Attendees will gain insights on entrepreneurship in consulting and available resources to aid in their consulting journey.
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Consulting for Biomedical and Biotechnology Companies: Is it Right for You?
- 1. Consulting for Biomedicaland Biotechnology Companies: Is it Right for You? Presented by: John W. Ludlow, Ph.D. Brought to you by Principal Investigators Association
- 2. 60 Minute LiveWebinar 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
- 3. 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.
- 4. Check around tosee 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.
- 5. ConsultingConsulting WhileWhile MaintainingMaintaining anAcademic Faculty Positionan Academic Faculty Position Are you permitted to consultAre you permitted to consult outside of the university?outside of the university? Does consulting affect yourDoes consulting affect your university compensation?university compensation? Do you have the time toDo you have the time to consult?consult?
- 6. Presentation Goals 1. Assessingthe 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.
- 7. 1. Introduction • Whatdoes 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:
- 8. 3. Maintaining asteady stream of work3. Maintaining a steady stream of work •Getting that first clientGetting that first client •Repeat clientsRepeat clients • NetworkingNetworking •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 $49To purchase this webinar for only $49 visitvisit http://bit.ly/BioMedConsulthttp://bit.ly/BioMedConsult
- 9. What Does A Consultant Do? Biomedicaland 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.
- 10. 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?
- 11. Overview of a Consulting Career Consultantsare often used to launch a start-up company Consulting opportunities exist for practically every scientific discipline
- 12. The time periodof a consulting agreement varies widely.The time period of a consulting agreement varies widely. Consultants supplement company staff and save the costsConsultants 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
- 13. A Consulting Career WhatMy FriendsWhat My Friends Think I DoThink I Do What My MomWhat My Mom Thinks I DoThinks I Do What SocietyWhat Society Thinks I DoThinks I Do What My ClientsWhat 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
- 14. Pros of Beinga 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 itThere 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
- 15. 5 Key Take-Aways: •Howto 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 ESTat 2:00 PM EST Only $49 exclusively for SlideShare viewers
- 16. Cons of Beinga 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 andManaging your own benefits, taxes and retirement savingsretirement savings You are not an FTE of the companyYou are not an FTE of the company
- 17. Setting up your consulting business Chooseyour 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
- 18. Start-up Costs Registering asbusiness Location Financing Office and supplies Accounting Marketing and advertising
- 19. Organization Sole Proprietorship General Partnership CCorporation S Corporation Limited Liability Company (LLC)
- 20. Organization Articles of Organization Companyname 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)
- 21. Points to consider Confidentialityagreements Conflict of interest Insurance: Health Unemployment Disability Liability Life/Accidental Death SEP-IRA
- 22. Consultant vs. Freelancer Aconsultant is a person who is paid to provide professional or expert advice in a particular field or specialty. Consultant:
- 23. A freelancer issomeone 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
- 24. Looking for Opportunities Pastemployers Vendors Your network Local biotechnology center Professional organizations
- 25. Landing That First Client Learnthe fundamentals of consulting in your area Leverage your personal and extended network Past employers
- 26. Educate potential employers onthe advantages of Consulting. Pick the right consulting project.
- 27. Securing Clients Provide a writtenproposal Offer competitive pricing References Confidentiality agreements Conflict of interest
- 28. Sizing Up and Coordinating Opportunities Durationof 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
- 29. Maintaining a steady streamof work Plan ahead Mix of shorter and longer-term projects Visibility creates credibility Exceptional client service Successful outcomes/solution
- 30. Repeat Clients Think strategicallyand act tactically Pick your best bets
- 31. Maintain a levelof service beyond technical or problem solving Maintain continued impartiality and objective viewpoints to the changing needs of the client
- 32. Existing relationships have thebiggest competitive advantage over the competition
- 33. Networking Make networking apriority 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
- 34. The Perpetual ‘JobInterview’ Numerous resume revisions Systematic searching for work Continuous selling of your skills Being constantly evaluated Repeated reference requesting
- 35. Suggested Resources How tostart a consulting career http://consulting.about.com/od/gettingstarted/Getting_Started_with_a_C http://consulting.about.com/od/gettingstarted/a/Fstclient04 05.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 number https://irs-ein-number.com/
- 36. Summary and ClosingRemarks Have 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
- 37. 5 Key Take-Aways: •Howto 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 ESTat 2:00 PM EST Only $49 exclusively for SlideShare viewers
- 38. Inside Past Issue:InsidePast Issue: •Communicating Data-Rich Results – Key Success FactorsCommunicating Data-Rich Results – Key Success Factors •How to Leverage Connections forPrivate FundingHow to Leverage Connections forPrivate Funding •R01 orR21? Choose The Appropriate Grant TypeR01 orR21? Choose The Appropriate Grant Type •Dealing with the ‘Negative’ Stafferin yourLabDealing with the ‘Negative’ Stafferin yourLab The only Free Monthly eNewsletter focused on providing best practices on obtaining grant funding, lab management, career advice and much more! SUBSCRIBE TODAY! Visit http://bit.ly/SciencePro