So, you decided you want to try being a consultant. You may be ‘retiring’ after a long, successful career in corporate life, and you feel that you still have something to offer. Or, your position has been eliminated as part of restructuring/downsizing activities, and you want and/or need to continue to work. Maybe you’re simply tired of your current career path and looking to try something different.
Developing a Business Plan
As you begin your journey to become a pharmaceutical consultant, one of the first action items is the development of a business plan. You will need to decide the area of concentration, for example, will you be a ‘generalist”, i.e., one who tries to work across the entire pharmaceutical paradigm? Will you, on the other hand, concentrate your consultancy in one or two areas, such as drug substance, drug substance process chemistry, analytical chemistry, chemistry and manufacturing regulatory affairs, product development, product scale-up, and support? It really depends on your depth and breadth of knowledge and experience, and what you are comfortable with.
How well do you understand how the corporate business world operates? At times, you will need to understand the ‘broader picture’ landscape, while there will be times when you will need to address the ‘in the weeds’ details.
What type of consulting firms do you want to compete with? Do you want to compete with large corporate entities or smaller-sized entities? What about working with smaller start-up type companies that have limited staff and/or resources?
You should also consider your communication, writing, and leadership skills. Do you have the personality to work with difficult clients, such as those who don’t see eye to eye with you and your way of doing things? What are your logical and persuasive reasoning skills? Are you service-oriented? How good are your negotiation skills? How good are you at project strategy development and with project management skills?
Talk with colleagues and potential stakeholders, capturing their ideas and suggestions to aid in your refinement of the business plan strategy and its development.
Once you have an understanding of how you will operate your consulting business, decide on a business name, and obtain federal, state, and local, if needed, tax identification numbers. Set up a limited liability corporation or other business entity that you are comfortable with. Discuss the options with your lawyer and accountant. While there are do-it-yourself forms online, it is always useful to consult experts, as needed.
Develop a logo, prepare business cards, a website, and maybe a handout brochure to introduce yourself, your background, your area of expertise, and the services you can provide. You should also consider obtaining professional business liability insurance, as some clients may require it as part of contracting your services.
Develop a budget for expenses. Initially, you may need to provide funding from your personal savings until you begin receiving income from clients to cover operating costs. Further considerations include your workspace–will you work out of your home or lease office space? Will you hire a secretary or any other staff?
You may also need to purchase a computer, printer, fax machine, a business phone, etc., and have dedicated internet services.
Finally, you must decide on how much you will charge a client for services; will it be an hourly rate, a by-project rate, or will it vary depending upon the client and the service required?
Developing a Website
Today, internet users are more than just passive viewers of content. This is particularly true within the business community. The research showed that a large percentage of smartphone users turn to their phones for ideas while doing a given task. When searching for inspiration, consumers are turning to their phones to find it.
This forum offers today’s pharmaceutical scientist a unique platform for information gathering as well as communications with colleagues. For a consultant, a website is a way to market oneself. It’s a way for you to control your messaging. It helps level the playing field with larger firms. It is an informational resource to build credibility. In today’s environment, a well-developed website helps validate you as a ‘serious player’ in the pharmaceutical paradigm.
Types of Websites
To put it simply, a website can be a static brochure i.e., no more than a digital handout, or a dynamic, interactive website that establishes authority and credibility, generates leads, and is an interactive experience for the end user.
Your website can be self-constructed or more elaborate and professionally built. Before you decide on the route you may take, look at the websites of your potential competitors. Check out the functionality, format, content, messaging, and navigability. You would or should want a website of better, or at least, equal quality. There are a couple of options you have in how to go about building your site.
Do-it-Yourself Approach
The do-it-yourself (DIY) approach to building websites offers complete control over the design and functionality, making it ideal for those who want to learn web development or have a specific vision for their site. This approach requires a degree of computer programming savvy and resourcefulness.
This approach can be cost-effective, but it also has its disadvantages. The DIY approach can be time-consuming, and the resulting website is more often than not lower in quality from an aesthetic standpoint and less effective from a search engine optimization (SEO) perspective.
Some key considerations when building a website from scratch should include the following:
- Clearly outline what you want to achieve with your website.
- Create a sitemap and wireframe to organize your website’s layout and navigation.
- Focus on making your site easy to navigate and visually appealing.
- Ensure your website is optimized for search engines to attract visitors.
- Regularly test your website and seek feedback to improve user experience and design.
Website Developer Approach
A website developer can develop a custom website to your specifications. When selecting a developer for your business, consider the following key factors to ensure you choose the right service for your needs:
- Ensure the pricing is transparent and fits your budget.
- Consider the portfolio of the developer. Have they created websites for clients in your industry?
- What are their SEO and post-launch support capabilities? What will they do to help you grow your business after the initial iteration of the site has been taken live?
By carefully evaluating these factors, you can select a web developer that not only meets your business requirements but also supports your long-term growth and success.
Website Content
The layout of your website is important. You want the homepage to be able to catch the attention of potential clients. It should say something about your skills and expertise, and should highlight the services to be provided. Most importantly, it should contain information on how to contact you.
There can also be links to pages that provide more details on the services you provide. Additionally, you may want to have pages/links to other topics which help demonstrate your expertise, such a journal articles, informational articles, companies you have worked with, testimonials, case studies, etc. Links to various social media platforms, such as LinkedIn, Twitter, Facebook, and YouTube, can also be beneficial as long as they are active profiles.
The website should be updated periodically. Maybe the format can be modernized, the contents updated with newer information, etc. You want to demonstrate that your business is adjusting to business trends and new technological information. You should review your website and contents at least annually, making adjustments and changes as needed for relevancy.
Search Engine Optimization
One of the things that is important for visibility is how your website performs when doing a search, for example, for ‘pharmaceutical consultants’, does your name or website come up in the top five hits? There are many ways to increase your website’s visibility on search engines. If this is your goal, it’s best to seek an SEO professional.
Building a Client Base
Now that you have a business plan, a website, etc., developing a client base is the next challenge. You need to get your message and yourself known. You should be or become a member of various scientific organizations appropriate to the areas in which you intend to concentrate your consultancy.
Attend local networking meetings. Make contact with colleagues still operating within the corporate world. Reach out and let them know about your desire to consult, ask for any possible contacts they can provide, etc.
Performing well for your first clients is one of the surest ways to build a larger client base. As positive word of mouth from clients and colleagues builds, you may be able to broaden your area(s) of expertise, helping to continue to grow your business. But remember, know when to say no to an opportunity that may make you uncomfortable and/or does not fit comfortably within your areas of expertise. It does not help your reputation if you’re unable to provide a requested service to a satisfactory level.
In Summary
Periodically, review your business plan, your website, and your messaging. Be willing to make adjustments, as needed. Remember, as you are now your own boss, you control your future. Be your own ‘Monday morning quarterback.’ Good luck!
*Senior Web Developer at eNet WebServices, 200 N Church Street, West Chester, PA 19380
eNet Web Services is a full service one stop shop for web design and building, SEO IT, networking, advertising, brand management, and digital marketing. They are dedicated to providing a focused approach tailored to their customers unique requirements.