You Don't Know Risk Until You've Been an Independent Medtech Consultant

I recently broke my shoulder into more components than nature intended (proximal humerus and greater tuberosity fractures, to be exact). It has been one of the most painful and drawn out periods of uncertainty in my life. As the orthopedic surgeon and I waited to see whether bone would grow and an aligned reunion would occur, everything was put on hold, including my business.

As a fellow consultant, I suspect you have a good idea of what this situation meant for me.

Now, I live in Canada so I have access to universal healthcare, such as it is, but as an independent consultant I am without any kind of health benefits - physiotherapy, massage, pharmaceuticals, accessibility devices - and obviously there is no such thing as medical leave or paid time off.

I had just launched a new service to help other medtech consultants showcase their best professional selves to their target market and I couldn't even brush my hair or get dressed, never mind use a keyboard and interact with people. That persisted for much longer than I ever could have imagined. Luckily my early consultant and executive clients were patient and supportive and ultimately, happy with their deliverables.

Thankfully, bones have healed and a vigorous rehab regime is doing the same for the ligaments, tendons, and peripheral nerves.

I am back in business with a renewed zeal to support medical device consultants in expanding their client bases and revenue streams for one simple reason. For the first time in my professional life, I felt truly vulnerable and recognized the risks we all face.

I have always valued my independence and self-reliance above all else. I'll be the first one to say that consulting, relying on yourself rather than a corporation, is true security. All well and good until one of the myriad risks medtech consultants face rears its ugly head. Worse, often times that risk brings its buddies, compounding woes that aren’t experienced by our corporate colleagues.

• Injury or permanent disability

• Loss of income

• Clients going bankrupt and/or refusing to pay invoices

• Usurping of clients by competitors who are more market savvy

• Inability to find new clients due to regional isolation from medtech hotspots

• Tax, accounting, and retirement savings mistakes

• Implication in civil litigation or criminal charges through client actions

Those are just a few of the hazards we face as independent medtech consultants.

Most people aren’t like you and me, my consultant friend.

Very few can bear the uncertainty, variable revenues, and unceasing need to pitch oneself to prospective clients. To them, it feels too much like their worst moments when they have found themselves unemployed and desperate to secure safe harbour in another corporation after suffering countless, soul bashing rejections.

Whether your consulting career found you by happy accident, was chosen by you very deliberately, or you’re living the time honoured medtech tradition of consulting in between corporate gigs, I admire your grit and respect your risks.

I hope you’ll join me in the community I’m building to support medical device consultants in their efforts to build profitable and sustainable businesses that are able to withstand and conquer the risks that inevitably emerge.

You’re remarkable in your courage and invaluable to the medical device ecosystem so we need your business to flourish!

This article is from my Linkedin newsletter, Medtech Consulting Success, where I share tips, tutorials, and templates to help you attract & best serve your ideal clients. You can subscribe here.