As we mentioned before, most people are not aware of how research scientists make their living. This is particularly true in the early stages of your career when you are just starting out. However to keep up with our more experienced colleagues, you will need to know this.
Most researchers’ salaries begin with an annual paid fellowship or scholarship. These are usually sponsored by a specific department or organization that rewards the scientist for his/her work. Many also have access to additional funding from external sources such as government agencies or foundations.
These funds are typically given for a limited time frame (one year at a minimum) with clearly defined use. Once spent, these opportunities disappear so it is important to be careful about overspending!
Other money making strategies include publishing academic papers, giving presentations, and self-promotion. Some professionals even start their own companies that focus on scientific products or services. All of these things require significant resources which most advanced degree holders already have available to them.
For those who do not yet have these credentials, there are many ways to get involved in the science community. Joining professional associations can provide valuable knowledge and connections.
Find a company that sponsors research
As mentioned earlier, most major pharmaceutical companies perform clinical trials to determine if their new drugs are effective and safe for use in humans. They also test whether there is enough proof that their drug works better than a placebo (a fake pill with no active ingredient) or another treatment. A placebo effect happens when you believe in something fervently, which can motivate your body to work more efficientlyally.
By having patients take either the tested product or a placebo, researchers can compare how much people feel improved while using the treatments. This is done through questionnaires that measure things like pain levels and quality of life. Researchers then calculate what has an adequate level of efficacy- those that are able to make patients feel less sick or impaired as normal contribute to the success of the drug.
The cost of conducting these studies is expensive, which is one of the reasons that only big corporations have access to them.
Appeal for grant money
A researcher does not spend every waking hour in their career seeking funding. In fact, most researchers will never be asked for a dollar to fund their research!
Most experts agree that it is impossible to survive solely off of grants as a scientist. While some may get adequate income from this source, the majority must develop other revenue streams.
Many make use of teaching or consulting jobs to supplement their income. Some create products or services related to their field to generate profits. Others launch startups or work for large corporations for extra cash.
Some even take time off of research to earn additional income (or “work-around” professors). But whatever method you choose to do, just make sure your ethics are clear first!
Science has enough problems with overproduction of professionals without also having cases of people taking excessive amounts of resources and profit only for themselves.
Start your own research company
Another way to make money as a scientist is to start your own research firm or laboratory. This can be done by creating your own company, offering paid internships for students or experienced researchers, or developing your own testing or research procedures or products.
There are many ways to go about doing this, but most require significant amounts of resources in terms of funding, equipment, and time.
Some individuals begin their career as a researcher by working as an assistant professor at a university. By being awarded tenure, these professors are guaranteed employment beyond just one year. They are also given substantial funds to run their laboratories and offices, making it possible to spend lots of time conducting scientific experiments and seeking external funding.
Other scientists earn extra income by producing their own supplements, food items, or drugs. Many people enjoy using probiotics so they create their own version and sell it. Others develop their own natural remedies or cures that work better than those that have been around for a while.
Publish a book
A popular way to make money as a scientist is to write a nonfiction book that can be either self-published or published by a company. Nonfiction means topics like how to read, science basics, holistic health tips, etc. There are many ways to gain exposure for your book through social media, blogging, advertising, and other promotional opportunities.
Many well known natural wellness experts have made significant income writing books due to their success in the field. These professionals offer helpful information in their books while at the same time promoting themselves and their brands.
Overall, it’s a great way to make an honest living. And though it may not seem like much at first, every little bit helps!
Publishing a book is a expensive process. Funding sources include publishers that pay you to write your book, professional editors who help you edit your work, and yourself for marketing and promotion expenses.
Offer consultancy services
A growing number of academic researchers are choosing to offer their professional expertise outside of academia as a consultant or business advisor. This is typically done via social media channels like LinkedIn, Reddit, and Facebook where you can advertise your specialties and get clients coming in droves!
Most consultants focus on specific fields such as technology, health, finance, and so on and will usually have testimonials from past clients to back up their credentials.
Academic professionals with expertise in various areas can make good money by offering their knowledge to companies looking to improve how they operate.
Some go into more detail and develop an online course or booklet that they sell directly to students or businesses, while others just do one-to-one mentoring with individual clients.
Overall, being able to connect with other people and convey how things work or could be improved at a very fundamental level seems to be a popular way to earn a living for many academics.
Join a start up company
Starting your career as a scientist is definitely not for the faint of heart, but there are ways to make money while doing science. The best way to do this is by joining a start-up company or working in academia, both of which have you working directly with companies that want scientific expertise.
Companies will pay you special rewards if you develop new products or technology that can be marketed to them, and most academic institutions offer some level of research funding or fellowship opportunities dependent on your qualifications and what projects you propose.
There are many other ways to earn extra income as a researcher, such as giving public lectures or writing books about how to be a successful scientist.
One of the best ways to earn money as a scientist is to teach a class or lecture at your university or research institution. This can be for an undergraduate degree, graduate school, professional development, or any other program that offers such courses.
Most universities offer teaching positions in various departments, including biology, chemistry, physics, psychology, and mathematics. These positions are usually made available through their departmental staff members or via internal advertisements.
The employment may involve preparing a lesson plan every week, meeting with students outside of class to discuss concepts, delivering the lectures yourself, planning activities, and grading assignments and exams.
Some scientists make more than $20,000 per year while working part time as a teacher!
Teaching is a very rewarding experience and you will meet many people who share your passion for science. It is also a great way to gain new skills and knowledge.
Many individuals start off as teachers before moving onto higher position jobs like principal, professor, or director.
Join a research team
Being a scientist doesn’t automatically make you rich, but it can be! Most people who work in academia don’t get paid much unless they do something significant with their career. But anyone can start working for the academic community as an undergraduate student or graduate student, which is what most scientists begin life as before achieving professors status.
As a researcher, your main responsibility will be to conduct scientific experiments, analyse the data gathered from these experiments, and then write up this analysis so that others can understand it.
You wouldn’t believe all of the different careers that are built around understanding nature and applying this knowledge — everything from medical science to engineering to geography to agriculture to…wait for it … marketing!
So how does someone earn money being a scientist? By choosing to focus on one specific field and becoming an expert within that area.
Fields such as biology, chemistry, medicine, or physics all require very similar sets of skills, so if you already have some of those under control, feel free to head off into another area!
For example, say you wanted to become a biologist. First, you would need to learn about various parts of plants and animals (biochemistry), and second, you would need to know how to care for plant and animal specimens (vegetable gardening).