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May 2014
  Issue #56

Perspire to Inspire! 

 

When Thomas Edison said "Genius is 1% inspiration and 99% perspiration," he meant that to succeed you've got to work at it. Depending on your definition of success, it took Bill Gates 11 years to become an overnight success, and Steve Jobs about 20 years. The point is, to succeed at whatever you want to do, however you define success, takes a lot of time and a lot of work. It's true about inventing light bulbs and phonographs, computers and software, and freelancing.

 

In this issue of Pencil Points, we want to encourage you to perspire to inspire, so you can be a successful, or more successful, freelance! Think about what you're doing and how you do it, so you can make better decisions and achieve better outcomes. We have a few suggestions about managing out-of-pocket expenses to help you do just that in Dollars & Sense. Are you still struggling to market your freelance business? Perhaps you're having an identity crisis. For that, we recommend a little vitamin C to give you that extra energy boost you may need in The Savvy Marketer.

 

For a different approach to getting new clients and new work, we share a secret some successful freelances already know that makes it look easy in [Not] Just for Newbies. And if our challenge to get you to work harder and smarter at your freelance business isn't inspiring enough, here's your 1%: a social-media guru in New Jersey who built his $3 million business into a $45 million enterprise. Another overnight success? Sure looks that way, but our guess is, probably not.

 

Until next month,


Cyndy and Brian
The Accidental Medical Writer

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Newbies[NOT] JUST FOR NEWBIES
Information and Inspiration for New and Experienced Writers 
Make New Business Come to You

One of the many questions we're frequently asked by freelances, regardless of experience level, is "How do I find work?" We've written and presented on a variety of different ways freelances can successfully find new clients and develop new business. But today, we want to tell you about how you can get new business opportunities to come to you!

 

Our friend, Jen Minarcik, is in the Biomedical Writing Program at University of the Sciences In Philadelphia (USciences, for short). As a part of her Capstone project for graduation, she conducted a survey among medical writers on their use of social media tools and resources. She plans to submit an article based on her project to the AMWA Journal so hopefully you'll be able to read it there soon. A surprising finding in her research was that few freelances use social media to build their businesses. We use social media all the time, and you should, too.

 

In the last 7 days, 2 fantastic new business opportunities came right to our inboxes thanks to social media. Imagine how many more there will be between now and the end of the year. What's our secret? Subscribing to RSS feeds.

 

Our first new business opportunity came from an article in the May 6 issue of the Medical Marketing & Media (MM&M) Newsbrief: Big Pharma's Big Cancer Bet. This one article gave us several valuable new business leads. First, we learned that the success of palbociclib may enable Pfizer to spin off its biotech business after 2017. Now's the time to watch where that business might be headed, and to be ready for it when it arrives. Now's also the time to "strut our stuff" to the communications and education companies that support Pfizer's biotech business.

 

We also learned that as GSK trades its oncology pipeline to Novartis, they will be getting an injection of vaccines in return. There are two more business opportunities for freelances--in a single sentence!

 

Do you have experience writing about adherence? A recent IMS study of insurance plans found that even a relatively low copay threshold (between $30 and $90) is enough to trigger patient nonadherence to therapy. Ironically, an article in the May 7 issue of MM&M Newsbrief reports that payers don't care much about the long view of potential value associated with improving patient adherence compared with immediate cost containment. Clearly there's a lot of work to be done, and freelances are just the ones to do it!

 

Further on in the May 6 issue of MM&M Newsbrief is another very valuable business tip for freelances. The article reports that according to IMS, nearly a third of all money being invested right now in preclinical and Phase 1 drug development is in oncology. So if you're not already writing in oncology, you better get started. Big opportunities are coming!

 

Radar ON THE RADAR
Resources for Medical Writers
Are You Ready to Crush It? 

This month we'd like to introduce you to Gary Vaynerchuk, a social-media guru who propelled his family's liquor store in New Jersey from a $3 million business into a $45 million enterprise. You may be familiar with Gary through Wine Library TV or his books, Crush It!, The Thank You Economy, and Jab, Jab, Jab, Right Hook: How to Tell Your Story in a Noisy Social World. This guy is passionate about doing what you love and using social media to communicate your message and build your brand. In fact, he jumped on the social-media bandwagon when most people swore it was just a fad. We've been following Gary for about 5 years now and like what he has to say. If you're still unsure about how you can use social media to build your business and need a dose of inspiration, check out Gary's website, blog, and books.

DollarsDOLLARS & SENSE

Advice on the Business of Freelancing 

Oop-less O-O-P            

 

Some freelances travel more often than others, and some barely at all. But when the time comes for you to get behind the wheel, aboard the train, or on the plane for business, it's important to know what you're doing with regard to out-of-pocket (O-O-P) expenses. Here are few things to consider that will help you take the "oops" out of O-O-P.

 

Train, Plane, or Automobile?

When you have a business meeting across the country or across the pond, you know you'll be flying (unless you hate to fly, that is). But when your destination is 5 hours away by car, you have more of a choice. You can drive, put wear and tear on yourself and your car, and pay whatever the daily parking rate is at your destination. You can drive to a train and pay for parking at the station, or get someone to drive and drop you off, then cab it to and from your final destination. Or you can drive or be driven to the airport, and cab it to and from your final destination. What's a freelance to do?

 

Our decision is based on economics, but perhaps not the economics you expect. Three hundred miles at the current reimbursement rate dictated by the IRS of 56 cents per mile comes to $168. Add parking at $45 a day, and tolls and a modest meal expense in each direction, and your O-O-P to bill the client could be more than $350. In addition, you lose 10 working hours to the drive, not including traffic delays. Taking the train enables you to be more productive while traveling, but now you can't come and go as you please because you have to accommodate the train's schedule. These days, the cost for a train ticket is similar to an airplane ticket; and both are likely to be a lot more than driving. Taking the plane also enables you to be more productive than driving, provided you can open your laptop or other device within the ever-decreasing space between you and the seat in front of you. And taking the plane requires you to kill a lot of time waiting in the airport.

 

Driving is likely your least-expensive option from an O-O-P standpoint. But once you factor in parking and other ancillary costs, it's not as much of a difference as you might think. And what's the value of your time? You might earn more than enough by completing another project on the train or plane to more than offset the added cost of the trip, and arrive more refreshed and ready to start the project for which you're traveling. Because the difference in cost isn't much to your client, we recommend you take the transportation option that works best for you.

 

Nonstop or Not?

What's the cost to you and your client if you don't make it to the meeting? When we're flying for business during the winter, we try to book nonstop flights whenever possible, even though they're more expensive. A flight with 1 stop doubles your risk of a delay.

 

First Class or Cattle Coach?

When you're traveling for yourself, you can make any arrangements you want. But when you're traveling for a client, don't you dare book anything but a coach seat unless you intend to pay the difference. If your client offers an upgrade (and we've had a client or two who has offered business class on overseas flights), take it!

 

Cab or Shuttle?

Shuttles to and from the airport and your destination hotel are usually less expensive than a cab. But shuttles have a lot of stops, and if your hotel is at the end of the line, a 30-minute $40 cab ride can turn into a 60-minute $20 shuttle trip. Can you earn the extra $20 by working the 30 minutes you saved on a project in your hotel room? You bet. And a lot more. If your client is sensitive to ground transportation costs, it's worth paying the difference.

 

Internet?

Many hotels offer free wifi, but many don't. When you check in, ask whether there's an access code for the room. You might be lucky and get free access even through it's not free. Some hotel honors programs (eg, Hilton Honors) offer free wifi to their members, which is a very nice perk. When we have to pay for wifi, we automatically log in because we know we'll need it to conduct business while we're away from the office. But we don't pass through the cost to our client unless they require us to access emails from them during our stay.
WhereWHERE IN THE WORLD ARE BRIAN AND CYNDY?
The Accidental Medical Writer Calendar

We're now in the process of putting together our personal-appearance schedules for 2014. If you'd like us to come and speak at an event you're organizing, don't wait too long to contact us. Our schedule is filling fast!

 

We're waiting to hear whether our proposals were accepted for the 2014 AMWA Annual Conference, The deadline for submission has passed. Did you get your proposal in on time?

We would love to present at your next upcoming meeting or event, so invite us!

SavvyTHE SAVVY MARKETER
Marketing Tips to Build Your Business 

Do You Need a Dose of Vitamin C?        

 

One of the struggles for freelance medical writers is knowing how to market themselves so they stand out in the crowd of the other freelances vying for work in a competitive field. On top of that, most freelances hate to market themselves. How do we know that? We've asked them at the workshops we teach and the roundtables we lead. Hands down, marketing is at the top of the list of things freelance medical writers do not like to do. But if you don't market yourself, how will prospective clients ever find you?

 

Rule number one of marketing: It's not about you or how great you are or how much you've accomplished. It's about your clients and how you can help meet their needs. Rule number two of marketing: It is about YOU. Confused? Don't be.

 

To market your business well requires a hefty dose of vitamin C: the Courage to be YOU. People who are authentic inspire and prosper. Think about the people to whom you are most attracted. Usually, you are attracted to the people you trust, and generally the most trustworthy individuals are those who are true to who they are, who rarely waver from their core values, who are themselves. What you see is what you get, in every encounter. It's no different in business. When you have the courage to be you, people learn that they can trust you. And when they trust you, they want to do business with you.

 

What does authentic mean from the context of marketing? It means staying true to who you are, what you do, and who you serve. It means representing yourself truthfully and honestly, rather than trying to be the person your clients want you to be. Similarly, being YOU means allowing your personality and soul to shine through in everything you do. After all, that's what makes you unique and differentiates you from the next guy.

 

Remember, marketing is not about selling. It's about satisfying your clients' needs with what you have to offer. It's also about being helpful even when you're not going to get an immediate reward. Think of it as building relationships and if you do it often enough, you'll get a return on your investment. You'll gain the reputation of being helpful, which ultimately fosters trust and leads to more business.


As you think about your business and how you want to reach potential clients, ask yourself, "Who am I trying to be?" If the answer isn't YOU, it's time for a dose of vitamin C.
THE FINE PRINT

 

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