Here is Session 3 of our Side Business Success series. This can make or break any entrepreneurial online venture. Do it right, and you’ll reap the benefits for years to come…
So you want to start a side business as a doctor or health care professional. Now comes the most important question. What should I actually be selling?
Answering this question isn’t easy. Last time, we discussed what you needed to do to better prepare yourself. If you are ready to get started, answering yourself these 5 questions will better target the best opportunities for you to start your business.
For instance, I have considerable experience in online marketing and I enjoy sharing my expertise to an audience. So I enjoy speaking at medical and business conferences.
An important aspect to consider, is if there a barrier to entry to enter the market. For example, in medicine not everyone who applies becomes a doctor. Time, money, and education are impediments to becoming a physician. In your side business, are there significant barriers? If there are not enough barriers, whether that be financial, educational, relationships you may want to reconsider going into other areas where there are fewer competitors.
On the other hand, maybe you want to start a telemedicine business, and you act as the business owner and hire other psychologists. Now you are no longer the limiting factor for growth.
In terms of repeatability, I like to have businesses that are “evergreen”, a business that can stand the test of time, and is not influenced greatly by trends. For example, let’s say your business was a business on how to prepare yourself for Y2K. (Remember that?) Obviously, those type of businesses don’t exist now in 2017. Juxtapose with something like losing weight. Is weight loss something that’s going to be cured over the next year? Probably not.
By asking these questions, you will be better prepared to succeed in your side business.
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