quick start guide to becoming a consultant · 2018. 9. 13. · business development / project...
TRANSCRIPT
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Quick Start Guide to Becoming a Consultant
Chemical Consultants NetworkSeptember Meeting 2018
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Speaker Background: Chris R. Owens
Career
▪ Chemical Engineering, BS
▪ Drexel University
▪ Biopharmaceutical
▪ Manufacturing & Consulting
▪ Business Development / Project Executive
▪ Industrial Manufacturing
▪ Energy & Chemicals
▪ Consulting Firm Owner
Affiliations
▪ Drexel University
▪ Industrial Advisory Board
▪ Mentorship Program
▪ Annual & Panel Event
▪ AIChE DVS
▪ Vice Chairman of DVS
▪ Chemical Consultants Network
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AGENDA
What will you learn tonight:
▪ Incorporation & Insurance
▪ Risk & Liability
▪ Contracts & Legal Concerns
▪ Software
▪ Outsourced Help
▪ Sub-contracting
▪ Website & Marketing
▪ Business Development / Networking
▪ Navigating the Client's Marketplace
▪ Getting Paid...
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DISCLAIMERS**
For the purposes of this Presentation, I AM NOT:
▪ An Attorney or Legal Advisor
▪ An Accountant or CPA
▪ A Financial Advisor or Insurance Agent
▪ A Professional Engineer
▪ Officially Endorsing, Recommending, or Referring any Company, Product, or Service
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Who am I? Why should I be?Why you should incorporate
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Types of Business Entities for ConsultantsChoose which is best based on taxation, operating, or ownership reasons
Incorporated / Legal Entities
Corporation (Inc.)
Limited Liability Company (LLC)
Single Member LLC
Non-Incorporated Owner Based Classifications
Sole Proprietor (EIN)
Partnership
Just you… (SSN)
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Incorporation Separates Personal Assets from Operational Risks & Liabilities
LLC
Bank Account
$$
Property / Assets
Brand, IP
Sole Prop
“Nest Egg” Retirement
Fund
Business Property /
Assets
Personal Property /
Assets
Future Income
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Strategically Organize your Business▪ Silo your Assets &
Intellectual Property
▪ Setup Leasing / Licensing Agreements
Ho
ldin
g C
om
pan
y Operating Co #1 Management
Operating Co #2 Patents & IP Ownership
Operating Co #3 Property or Assets
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“I’m just a Consultant… I don’t need Insurance… right?”
How & Why to C.Y.A.
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Professional Insurance is a Bespoke ProductMake sure you understand what you’re getting & why you need it…
General Liability
Professional Liability “E&O”
Commercial Umbrella
Automotive “Hired not Owned”
Workers Compensation
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Your Clients will have Insurance RequirementsIf your standard doesn’t match:
▪ Negotiate
▪ Get Waiver
▪ Buy More
$2 Million AggregateGeneral
• Products/Completed Operations Aggregate $2,000,000
• Personal Injury/Advertising Injury $1,000,000
• Each Occurrence $1,000,000
$1 Million AggregateProfessional
• $1 Million Per Occurrence
$1 Million MinimumUmbrella
• $__ Per Occurrence
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Insurance can be “Peace-of-Mind” or the “Cost of doing Business”
Underwriters• Be Clear & Concise – Interpretation of your
work to assign Risk
Broker/Agents • Build a Relationship & Understanding
Clients • Know each Client’s Requirements –Additional Insured or Certificate Holder
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Risk & LiabilityTaming the monsters under your bed
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Every Consulting Endeavor Carries Responsibly“The road to hell is paved with good intentions”
RISKS
Financial
Time Burden
Regulatory
Physical Loss
LIABILITY
The Public
Employees
Infringement
Breach of Contract
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Systematically Mitigate Risk & Limit LiabilityBuild in a means of control through Documentation & Systematic Behavior
Contracts
Terms & Conditions
Policies & Procedures
Licensing Agreements
Professional Help
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Contracts & Legal ConcernsFist Bumps are not Handshakes
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“In God we trust, all others must bring documentation”
Protect the Supply ChainStrong documentation is the foundation of business infrastructure & operations
Client
Employees Consultants
Vendors
Consultant Firm
• Services• Materials
NDA • Proposal •
Agreement • Purchase Order •
Invoices •
• NDA• Contract• Expenses• Payments• W-9/1099
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Contracts are a Means of Communication & Understanding
Transactions
• Scope-of-Work (SOW)
• Terms & Conditions (T&C’s) – Payment Terms
• Reimbursements, Profits, Penalties
Relationships
• Non Disclosure Agreements (NDA)
• Non Solicitation or Non Compete
• Join Ventures or Memorandum of Understanding
Services & Transfer of Value/Goods
• Licensing Agreements – IP, Software, Resale, etc.
• Work-for-Hire, Limits-of-Use, Limit Liability
Corporate Policy & Holdings
• Employment Agreements
• Interactions between Operating Companies
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Software & Web Based ToolsSave time & focus on your work
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Determine the Areas Where Support is Needed
Business Administrative
Operations / Communications
Book Keeping & Banking
Sales & Marketing
Website
Work Related / Deliverables
Drafting
Project Management
Modeling & Calculations
Databases / Specialty Software
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OperationsBook Keeping & Administration
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Communications Sales & Marketing
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Have a Virtual Office & Enterprise AppearanceGoogle Voice & similar services give you the flexibility to control & funnel business calls
Desk Phone
Phone App
LaptopCell
Phone
Email / Text
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VOIP (Voice Over IP) – Web Based TeleComChoose a System you Understand & Offers Flexibility
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Website & MarketingBecause first impressions happen virtually
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The Absolute Basics of Business IdentityIf you’re business is not on the Web then you don’t exist…
Determine URL & Email Domain
Register the Web Domain
Get Hosting Service for Website
Setup Email Hosting Service
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One StopShoppingMany Services offer DIY Web Design, Hosting, & Content Management
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Cross Connect to Build a Digital FootprintInstant access to information is what gets attention
Website
Industry Profiles
Social Media
Twitter/ Blogs
Google/ SEO
Email Signature
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Manage Email Campaigns & NewslettersEmail Campaign Tools allow you to distribute to large audiences, be compliant with rules, & track responses
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Develop your Brand…
Gain a position ofThought Leader
Gain the Position
▪ Conferences and speaker opportunities
▪ Blogs and LinkedIN posts
▪ Articles and white papers
▪ Videos (very brief)
Promote the Brand
▪ Consistently Match
▪ website, email address, LinkedIN profile
▪ Communicate via social media
▪ Client Workshops
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Outsourcing SupportVirtual Services Economy
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Virtual Workers & Resourcing Companies
Endless Resources for Virtual Support
▪ Fiverr & Freelancer.com
▪ Asian Outsourcing
▪ Outsourcing Startup support Companies
▪ Shared Services Locally
Understand How the Method of Contracting or Hiring Help
▪ Temporary Workers
▪ 1099
▪ W2
▪ Business-2-Business
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Business Development & Networking
How it works for consultants
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Cold Warm
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Investing Working
Follow the 80/20 Rule to help balance your time invested in BD
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Client Contact
Meet & Greet (Relationship)
Follow up: Presentation /
Interview
Request for Proposal
Proposal Review
Contract Negotiation
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Opportunities
FMC
DowGSK
Greater the number of proposals in your funnel then the greater your chances of winning work
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Calls, Texts, Emails
Connections
Meetings
RFP’s
Wins
Inverted Sales Pyramid: It’s All About the Numbers…
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Who do you want to meet in your industry
▪ CEOs or Business Leaders (VC’s)
▪ VP of Operations
▪ Director of Research
▪ Plant Manager
▪ Referral Sources
▪ Strategic Alliances
▪ Organization Leaders
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Informal
Gatherings
One-on-One
Groups
Travel
Formal
Boards
Seminars
EventsTrade shows
Prof. Society
Networking face-to-face
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The easiest way to introduce yourself and have your message remembered
Your “elevator speech” should be:
▪ Clear, dynamic, and to-the-point
▪ Effectively positioning yourself,
as well as your role
▪ The best first impression in
30 Seconds
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Navigating the MarketplaceFinding the way - Bureaucracy & Competition
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Understanding a Client’s Market LandscapeMaintaining Relationships & Jumping Through Hoops
Decision Maker
Supply Chain
Influencer
Purchasing Agent
RFP - Request for Proposal
Requirements & Terms
Questions & Interviews
Negotiating Terms
Purchase Orders & Agreements
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Getting Paid for Consulting Work
Evidence
▪ Good Documentation
▪ RFP
▪ Proposal/SOW
▪ Agreements
▪ Deliverables
▪ Purchase Order
▪ CLARIFICATIONS & Exclusions
Best Practices
▪ Over Communication
▪ Say It Multiple Ways/Times
▪ Understand Expectations
▪ Get Ahead Of Change Orders
▪ Don’t Over Extend Yourself
▪ Follow Up With AP & Approver
▪ Understand Payment Culture
▪ Stop Work / Hold Deliverables – Be Careful…
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ConclusionFinally…
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Embrace the Qualities of Entrepreneurship
Tenacity Diligence
Passion Resilience
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Conclusions
What you need to be successful
▪ Organize
▪ C.Y.A. = Cover Your Assets
▪ Reduce Risk & Limit Liability
▪ Reputation & Brand
▪ Work Smarter So You Can Work Harder
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Contact
Chris OwensPresident
Mobile: 01 484-576-0337
Office: 01 484-393-5510
www.oppenheimernexus.com