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.

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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

Educate potential employers on the advantages of Consulting.

Pick the right consulting project.

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

Repeat Clients

Think strategically and act tactically

Pick your best bets

Maintain a level of service beyond technical or problem solving

Maintain continued impartiality and objectiveviewpoints to the changing needs of the client

Existing relationships have the biggest competitive advantageover the competition

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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