Even Doctors haven’t been left out in this era of side hustles. In most cases, the side hustles are as a result of a doctor’s passion for something else apart from medicine. It can also be from the need for multiple streams of income that pushes the doctor to venture on a part time hustle. Whatever the case we are all for it. This article discusses several great business ideas for physicians.
Some may be common while others are not. Others do not even need any form of experience while some do. Also, some of these ideas may require little or no capital to begin. If it is at all needed, you can consider getting a physician loan to start your business. It all depends on several factors. The era, your interest and availability are some of these factors.
Pharmaceutical Companies Representative
You could become a rep of some pharmaceutical company and assist them to market the drugs they manufacture. You can end up setting up a prescription store while collaborating with a pharmacist in the long run. However, be careful. Do not let your desire for making money overshadow your professional ethics. Being sued for misrepresentation and malpractice is not the goal here. If you are planning on engaging in this side hustle, go through the right channel. You can partner up with a registered pharmacist. This will help you earn additional income and still maintain your ethics in this line of work.
Home Service And Remote Practice
For a doctor, you are registered with the appropriate council to let you practice medicine within the country. You probably do not have the capital to set up your private clinic. However, you can start a home service for certain patients whose cases don’t require the hospital or its equipment. There is a catch though. Get your patients outside your employer’s pool. If a clash of interest arises, you will get sued. You can start with the patients in your neighborhood.
These kinds of people probably know that you are a doctor already. Thus, start with people that trust you enough and believe in your skills. Go for easy consultations that won’t need huge medical supplies. With time, you can start a main private practice if you want. More doctors have begun providing care remotely thanks to the accessibility of reasonably priced web cameras and programs such as Skype. That way, doctors and qualified professionals give medical advice to patients without the need for a lot of expensive administrative overhead. The top telemedicine contractors include: NowClinic, American Well, iselectMD and Ringadoc. The American Telemedicine Association is the perfect resource for doctors interested in giving telemedicine consultations.
Medical Equipment And Supplies
Another side hustle opportunity is procuring supplies and medical equipment in establishments. You can approach businesses that produce these supplies and go into business with them. This will let you market and sell these products for them. This is definitely a good business idea for doctors. Remember to take advantage of your medical connections across hospitals and medical facilities to increase requests. The good thing is that this does not affect your job as a doctor in any way. Hence the name side hustle idea.
Consultation As A Business Idea For Doctors
If you are a specialist, consider becoming a consultant in your specific field. This could either be to government institutions or medical facilities. Also, you can become an expert witness for the state prosecution or public defender. These facilities or institutions require your expertise and they are even willing to pay for it.
Publish A Medical Blog
Study SEO optimization, create your website and write on various medical topics. Ensure you pick topics that are of interest to both medical and non-medical people. However, not just the topic, make sure you use simple words that they can easily comprehend. This will increase your audience and help you earn via Google Ads.
You can also earn through medical related affiliate marketing. This guarantees extra earnings and sets you up as an expert in your field. Your expertise will definitely come to pay especially if you are a specialist. Blog on your area of specialty. There will always be people who require your skills. You will be helping different people online by doing so.
Teaching as a side business for a doctor needs interest. You can teach if you have a liking for it. Pass knowledge to the upcoming generation and be a part of their success. This can be done online or offline. You can also help them pass their exams or be better medical physicians. A medical student might just need a couple hours in a week to pass the feared MBBS exam.
Now that you know the various business ideas you can venture in, it is upon you to implement them. Choose one and work on it for your financial freedom!