The art of side business: How to complement your career with entrepreneurship
People from all walks of life, including doctors, are increasingly taking on a “part-time job” in their lives. Check out some options and get to work!
Doctor on FIRE it breaks down in today's classic.
Today's classic is published by new Doctor on FIRE. You can see the original Here.
Today's publication is all about "secondary employment". I prefer the term "side appearance" because it sounds a little more relaxed, but to be honest, many of us are busy doing the work that is required for both their primary and secondary jobs.
Whatever you want to call it, people from all walks of life pursue their own entrepreneurship with a little work on the side, and doctors are no exception.
I never thought I would be among them, but here I work part-time in two different jobs. I thought I would wait until this career as a doctor is over before thinking about doing anything else to add to my income, but I saw an opportunity and tried.
I am grateful that I did it. What follows is a guest contribution from Trust Point. We have no financial relationship.
Waiting list discount available for a few days.
According to the Bureau of Labor Statistics, average annual wages for doctors in 2015 were over $ 250,000. Doctors practicing a specialty, such as anesthesiology or general surgery, had average earnings of over $ 425,000. These high salaries could appear as if doctors are happy to do their jobs, and then retire at 65 with a high pension and savings.
Surprisingly, however, this doesn't seem to be the case. Doctors, including younger doctors who end up studying medicine with a lot of debt and several years of residence and scholarship training, are looking for ways to improve their income and achieve financial independence even faster.
Enter secondary employment – a way to earn extra income on the side while doing something that you enjoy. While some side jobs involve driving for ridesharing or quick and easy tasks, other side jobs are more entrepreneurial. Regardless of your interest, there is a possibility that you can make it a side project and earn extra money to help with your financial planning for the future.
Why doctors should have side hustles
Since doctors are one of the highest paid jobs in the United States, you may be wondering why you should take the time to think about a part-time job at all. Well, here are three words for you: "Medical School Debt". According to the Association of American Medical Colleges, the average debt of medical school graduates in 2016 was an exorbitant $ 180,000. Almost three quarters of all medical students have at least some debt. This is an amount that simply cannot be ignored.
While medical school debt is an obvious obstacle to today's new doctors striving for financial freedom, it's not the only reason professionals in the industry are getting a sideline or exploring exciting business opportunities.
Another is pure curiosity. Chances are that a student will apply and go to the medical school because they are curious about how the human body works and want to learn more about medical practices. Although becoming a doctor is the primary passion and interest of the student, it is unlikely that this is the only thing he is passionate about. When you start a part-time job, you have the opportunity to use other things that interest you and give them the opportunity to earn a little more money on the side, for whatever reason.
Another reason why so many medical students and professionals start a second job is the additional financial security. There is no doubt that being a doctor is one of the safest jobs. People always get sick and always need medical help and care. However, especially in the early stages of a doctor's career, individuals can be burdened with mountains of debt without receiving a higher salary. With additional cash flow, the stress of not having enough money is reduced.
However, healthcare is subject to the laws and rules of the market, even more than most other industries. Hospitals are always looking for ways to cut costs, and in some cases it means letting good doctors go. Medical facilities are bought regularly, which can also mean massive layoffs. Whether you are a senior surgeon or an entry-level doctor, if you happen to have a day job, you always have a solid option to fall back on with an income-generating side business.
Side hustle options for doctors
The great thing about doctor entrepreneurship is this: there are many ways to start a business and support your annual salary. Doctors are generally intelligent people with a wide variety of interests in general. As a doctor, there is most likely a side project where you can make money when you can take full advantage. As a starting point, here are some ideas that you could spend some time researching:
- Start a blog. It can be a medical blog, where you can give expert knowledge on a niche topic, or a blog, which is about something that you are deeply interested in, even if it has nothing to do with the medical profession. If you are able to create compelling content, there are many companies that may offer revenue-generating sponsorship opportunities. You can also sign up as a partner on websites like Amazon to monetize the blog in several ways.
- Teach on the side. If you are passionate about helping others, teaching can be a great part-time option. Whether through tutoring for medical students or guest lectures for a class at your local medical school, there are many teaching opportunities for medical professionals. However, you shouldn't limit yourself to teaching only medicine. If you are interested or experienced in another topic that interests you and feel that you could teach the subject, try presenting the idea to a local community college or extracurricular center, and see if it gives you one offer a paid job.
- Answer medical surveys. Dozens of companies offer paid medical surveys. These often pay off very well per minute and can make optimal use of any downtime you have at work. With this easy-to-start side job, you can easily make hundreds, and in some cases, thousands of dollars.
- Start a private practice outside of business hours. People across the country need round-the-clock medical care, but going to the emergency room when the doctor's office is closed is both expensive and time-consuming for daily patients. You can fill this gap by opening a private office outside of business hours to care for patients when other offices are closed.
- Be a medical writer. With your unique knowledge of medical practices, you can easily make money by grabbing some freelance medical writing appearances. Medical authors often focus either on scientific medical writing, which includes medical studies, drug studies, and regulatory documents, or on marketing medical writing, which may include booklets, pamphlets, press releases, and blogging.
- Make YouTube videos. People always google medical symptoms, causes of illness, specific remedies and much more. You can become the doctor who answers all these questions to calm these hypochondriac thoughts. Simply record how you answer common medical questions on your laptop or phone camera, edit them quickly if you want, and upload them to YouTube. You will be surprised how often medical searches are carried out in search engines worldwide.
Set up your side hustle
Buying a website domain and putting together a blog can be so easy, or a little more difficult if you need to search for businesses or customers. It just depends on the effort you are willing to put into your side job.
Nevertheless, it is important not to expect too much in the beginning. For example, if you start a private practice outside of business hours, multiple patients may not be out the door immediately. Your blog may no longer have thousands of visitors every day from the start date. However, if you are diligent and stick with it, you can develop a lucrative side business if you keep your entrepreneurial spirit.
The most important thing is to get the word out. If your side business is mostly online, you will find others working in a similar niche that you can connect to. For example, you can ask for guest posts or ask an established doctor vlogger to share a link to your videos to attract more visitors to your content.
Will your part-time job eventually replace your full-time job as a doctor? It's up to you. You may find that you love doctor entrepreneurship more than working in a hospital. Or you choose to keep your page exactly like that – something you enjoy on the side.
(PoF: The list above is just the beginning. The possibilities that you have are really unlimited. It makes sense to use your specialist knowledge and incorporate what you have learned into your main task and apply it to your secondary job.
On the other hand, the side appearance may be about escaping a career that you no longer enjoy. In this case, you may want to do something that is the other way around or completely independent. Real estate, retail, restaurants, wineries (you thought I was going to say breweries, right? … OK, I'll say it), Breweries, Travel agencies as you call them … One wonderful thing about high income is that you can find the seed capital for many of these small business ideas more easily.
To learn more about what other doctors are doing as a side appearance, join the thousands of doctors sharing tips and stories in Passive Income MDs Passive Income Docs Facebook group. It is only for doctors and if you are already a member of Doctors on FIRE, that makes it much easier for you to check your doctor’s status.)
Do you have a side business? If not, what would you like to do as a side job?