This upcoming Webinar on Wednesday, July 31st at 2:00 PM EST 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. 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.

1. 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

2. 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

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 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.

5. ConsultingConsulting WhileWhile MaintainingMaintaining
an Academic 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. 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.

7. 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:

8. 3. Maintaining a steady 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?
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.

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
Consultants are often used to launch a start-up
company
Consulting opportunities exist for practically every
scientific discipline

12. 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 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
What My 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 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 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:
•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 ESTat 2:00 PM EST
Only $49
exclusively for
SlideShare viewers

16. 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 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
Choose 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

18. Start-up Costs
Registering as business
Location
Financing
Office and supplies
Accounting
Marketing and advertising

19. Organization
Sole Proprietorship
General Partnership
C Corporation
S Corporation
Limited Liability Company (LLC)

20. 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)

21. Points to consider
Confidentiality agreements
Conflict of interest
Insurance:
Health
Unemployment
Disability
Liability
Life/Accidental Death
SEP-IRA

22. Consultant vs. Freelancer
A consultant is a person who is
paid to provide professional or
expert advice in a particular field
or specialty.
Consultant:

23. 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

24. Looking for Opportunities
Past employers
Vendors
Your network
Local biotechnology center
Professional organizations

25. Landing That
First Client
Learn the fundamentals of consulting
in your area
Leverage your personal and extended
network
Past employers

26. Educate potential
employers on the
advantages of
Consulting.
Pick the right
consulting
project.

27. Securing
Clients
Provide a written proposal
Offer competitive pricing
References
Confidentiality agreements
Conflict of interest

28. 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

29. Maintaining a steady
stream of work
Plan ahead
Mix of shorter and longer-term
projects
Visibility creates credibility
Exceptional client service
Successful outcomes/solution

30. Repeat Clients
Think strategically and act tactically
Pick your best bets

31. Maintain a level of service
beyond
technical or problem
solving
Maintain continued
impartiality and objective
viewpoints to the changing
needs of the client

32. Existing relationships
have the biggest
competitive advantage
over the competition

33. Networking
Make 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

34. The Perpetual ‘Job Interview’
Numerous resume revisions
Systematic searching for work
Continuous selling of your skills
Being constantly evaluated
Repeated reference requesting

35. Suggested Resources
How to start 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 Closing Remarks
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:
•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 ESTat 2:00 PM EST
Only $49
exclusively for
SlideShare viewers

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