Advice You - Business

Chances are if you’re reading this you’ve thought about becoming a home inspector. You may have even seen the ads that say you can make hundreds of dollars a day as a home inspec

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

tor. Home inspection schools put many of these ads out. They paint a rosy picture about the profession and how easy it will be for you to make a ton of money virtually overnight.

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

I’m a Professional Real Estate Inspector and I’m going to tell you what the home inspection schools don’t want you to know about this profession!

What the Home Inspector scho

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

ls aren’t telling you

What these schools and the various company’s selling Home Inspection courses won’t tell you is how difficult it is to be successful in this business.

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

he National school that I attended for my inspector education made it sound so easy to get started. They explained how easy it would be to start doing 1 home inspection a day wit

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

little or no effort.

I have many soon-to-be home inspectors email me and call our office asking about the business.

This business is like any other. It takes dedication, stron

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

finances and time to become successful.

Think you’ll get started with no money up front?

Many schools do not tell you about the liability side of the home inspection in

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

dustry. The home inspection industry is a very high liability profession. Every home you inspect is a potential lawsuit. It doesn’t matter that you may be the most thorough inspe

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

tor in your area. Inspectors are sued over things that the homeowners thought they should have found whether or not you could see the defect or not. There’s an old saying in this

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

business. “It’s not IF you get sued, but WHEN you get sued.”

If you can’t live under this pressure, you’d be best off looking elsewhere.

All it takes is a ladder and pickup

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

ruck...right?

Well, here’s more bad news. Like most legitimate businesses, it takes a little more than that.

A new inspector is going to need about $5000 worth of tools jus

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

to start.

Then there is about the issue of insurance. Errors & Omissions Insurance will cost a new inspector (if you can even get it) anywhere from $3500 to $5000 per year. The

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

there’s General Liability Insurance that will run you from $400 to $1500 per year.

In some states, you can’t even get started without this insurance.

Do you have a rainy da

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

fund? I hope so Brother 'cause it will rain on your parade!

Just like any new business, the 1st year will be a rough one. It may take you from anywhere from 6 months to 2

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

years to get to the point where you’re bringing in a steady income.

Many inspectors came into this business by doing home inspections on the side or part time. That is the appro

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

ch I would advise any new inspector to take. Don’t quit your day job just yet!

What about the Real Estate Agents?

The schools make it sound like there’s an agent behind

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

very tree just waiting for you. Odds are they have their favorite inspector already and they’re not likely to use a new inspector because they do not know what to expect from you

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

It will take you many months up to a year or more before you’ll be getting regular referrals from real estate agents. Don’t count on them to feed your family when you first star

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

.

This industry can be very rewarding in many ways. However it’s likely to leave a sour taste in your mouth if you enter thinking that it’s a pushover to get started. I’ve seen

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

ay to many good people go broke trying to get started in this business because the home inspection schools left them unprepared for what they were about to face in the real world

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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You have considerable control over selecting your work conditions to get the position you are passionate about by following these 11 steps.

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Advice You - Becoming A Home Inspector: What the Home Inspection Schools Don't Want You To Know

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