Career Coaching for Physician Entrepreneurs
Having worked with hundreds of doctors in the last decade, one of the big reasons they are stuck is that they are still at the same financial level. Most think a doctor’s income is solely dependent on your specialty. That is not entirely true…
I created this video on how a pediatrician can make more than a neurosurgeon..
Over the weekend, I went to a meetup for physicians who were interested in investing and other methods of passive income. It was in Los Angeles, so I drove up from my home in San Diego, and it was really worth the trip. It was a small group set up by Passive Income MD. I really didn’t know what to expect., but at the end, I had a blast.
Among the group were physicians who were looking for strategies of financial freedom and different paths of income, whether it was through real estate, or like my expertise, starting your own business. It’s important for me to go to networking events like this. As an entrepreneur, it can definitely be a lonely business, and if you deem yourself a physician entrepreneur, probably even doubly so.
Doctor entrepreneurs make up a very small percentage in comparison with the hundreds of thousands of physicians that are out there. Although it has been made easier through social media such as private Facebook groups , nothing beats actually meeting other doctors who have the same aspirations of becoming financially independent or have already attained it. It’s a great opportunity to occasionally connect with other like-minded doctors, and especially when you’re trying to run your own business and you don’t have anyone to guide you on your goals, or provide checks and balances.
Now, in this particular group, there were people who were advanced in financial independence, and there were others who were just starting out. There was a doctor who just got out of residency and was trying to buy his first house as an investment property, and even a resident showed up. I feel you can learn from anyone who are at different points in their career.
How to find like-minded doctors? It can be as simple as going onto a private physician Facebook group and find out others who live in your city. You can say something like “Hey, is anyone here from (your city) interested in chatting about passive income strategies over coffee? “ In the hospital if you discuss financial income strategies they might look at you kind of strange, and wonder if you are trying to get away from medicine. They might actually want to dissuade you from your goals. That’s what happened to me.
When I got started as an entrepreneur, I had some naysayers. I was a shareholder in a small group, and they were quietly saying things like, “What’s Mike doing? Is he quitting medicine? He spent all that time and money, and now throwing it away to start an internet business?” At least now you’ve have the ability, either through Nonclinical Business, our own private group of physicians or others to set up meetups.
If you are in the healthcare business, meetups like this could lead to finding new clients. I love to help doctors who want to start their own cash pay practice. A simple conversation about business entities could lead to a client down the road. Even if you have not established a business, but have aspirations to becoming a physician consultant, meetups such as this are a good opportunity to build your confidence, and to see what topics you’re interested in teaching.
We have more opportunity to connect with doctors who have similar aspirations as you do. Nothing was available when I first left clinical medicine. The internet has allowed us to easily discuss what were once taboo topics out in to the open. Now’s the time to take advantage of it.
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.
