Hi readers! Welcome to a new series, where I’ll interview entrepreneurs who’ve created a unique business or stream of income. I’m constantly amazed at the creativity and ingenuity of the businesses people start, very often in industries I didn’t know existed. There are thousands of ways to create streams of income, to help you become financially independent faster and retire earlier. And that’s not to mention the tax breaks and write-off incentives.
Today, we’ll hear from Susan, my mom. She and my dad started a clinical research trials business a few years ago, and she sat down with me over Thanksgiving break to tell me a bit more about their unique industry and business. Susan was in the education field for many years, eventually earning her Ed.D., and only started this business in retirement. Not only has it provided a challenge and purpose for her during retirement, she has an i401K , tax incentives, and other benefits. Read on for more!
Can you tell us a little about your business? What do you do, what’s the industry like, etc.?
Our business is involved in doing clinical trials. We contract with pharmaceutical companies to do pediatric trials that fit the population of our collaborative pediatric practice.
What does that mean in layman’s terms?
When a pharmaceutical company has a planned trial (when they’re trying out a new medicine or further establishing dosage recommendations) they send out feasibility study