As a medical professional, the main goal of working in the industry is to provide high-quality patient care. That being said, there is no secret that being a doctor is also a lucrative profession. However, it may take years before a doctor’s career excels to the point where they are bringing in their ideal level of income.
One way to boost revenues as a medical doctor is by starting a side business. Many doctors can start side businesses that bring in more than their main job. For those looking to start down the path of financial stability, our list of the top seven business ideas for physicians is a great place to start.
Laying A Strong Foundation
Before starting a business, it is important to have a strong foundation. To start, it is important to incorporate yourself so that there is a clear demarcation between the business and the person. Often a physician will put everything in their own name instead of in a separate name, which can lead to complications down the line.
Incorporation also allows for tax liabilities to be separated and also allows for the business to maintain the potential for outside investment. It is also important to have separate bank accounts set up in the business to prevent a mixture of assets.
1. Create A Medical Product
Naturally, doctors are in a perfect position to understand patient needs. Creating medical products to meet the needs of various patient types is one of the best side business ideas out there. Doctors can create products that can aid in recovery or even those that are geared toward prevention.
The key is to create a both highly effective and different product from anything that exists on the market today. Products don’t always have to target patients creating medical tools or specialty implements for healthcare professionals is a very lucrative business idea.
2. Become A Teacher
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Teaching full-time may not be feasible for a full-time doctor, but providing tutoring or mentoring services is an option. This side business will allow a doctor to generate a steady income while also passing along their learned experience to those in the medical field.
Tutoring medical students, creating an online course, or even filling a spot as a teacher in a residency program is a great second business to generate revenues. Setting up a specialized tutoring service for MCAT preparation is another side business option.
3. Open A Medical Spa
When you think of a spa, you may think of beautification. However, a medical spa is a great business idea for a medical professional such as a doctor. Pick a specialty such as alternative medicine or dermatology. Alternatively, a medical spa that focuses on cancer, stroke, or recovery is also an option.
Creating a spa that caters to the medical needs of a specific group of people is a great way to build lasting relationships while also generating an income. As an offshoot or additional service, house calls or one-on-one in-home services can also be used to expand the spa side business idea.
4. Launch A Pharmacy
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A great business opportunity for doctors is opening a pharmacy of their very own. There is no requirement to be a pharmacist to start this type of business, but as a medical professional, it will be easier.
Of course, state approval is needed in addition to a rather hefty initial investment, but the long-term benefits are well worth it. Many consumers are getting fed up with the robotic service offered at many chain pharmacies, a doctor-owned local option will often be the perfect alternative.
5. Start A Skincare Brand
Skincare has been on an upward trend over the last several years. If you take a look at social media, in the beauty and self-care space, more than 65% of posts relate to skincare. Doctors who specialize in dermatology, pharmaceuticals, or even cosmetic procedures will be able to make the most out of this business idea.
According to recent projections, the industry is estimated to be worth over $200 billion by the year 2026. There is no better time than now to dive in. Working with an established company or starting a line from the ground up, either option is an- impressive way to drive revenues as a medical professional.
6. Focus on Holistic Healthcare
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Doctors are typically steeped in the scientific method of healing, but a doctor can also offer plenty of holistic insights. Starting a business that focuses on holistic healthcare backed by medical proof is a recipe for success.
A doctor can create a line of herbal supplements, organic treatments, or even vitamins. Holistic diet plans, skincare regimens, and other wellness programs are also an option. Consumers are more interested than ever in finding less invasive ways to deal with common ailments. Doctors who focus on whole health while remaining transparent will have the most success.
7. Information is Power
Information is power, especially in the field of medicine. As a doctor, providing accurate information regarding health, diseases, treatment, and care is critical. Unfortunately, most consumers will have a hard time parsing the vast reams of medical information available, leading. This can lead to a variety of problems or even under treatment.
A smart business idea would be to create a website that caters to offering easy-to-consume information for the average reader. Think along the lines of Healthline or Everyday Health. These types of sites offer comprehensive information about treatments, diagnoses, medications, and more in a way that is easy to understand. Putting the site behind a paywall or even selling ad space are great ways to create a lasting revenue stream.
Upgrade Your Life With A Side Hustle For Doctors
Becoming a doctor is an amazing accomplishment. It is always smart to diversify your income streams regardless of how well your career may be doing. Many options for profitable side business are well suited to the talents and knowledge base that a doctor has to offer.
Our list is only seven of the top options, but there are many more worth considering. From telemedicine and special clinics to health tech start-ups and consultations. There is no limit to the possibilities.