4 Ways Physicians Can Branch Out as Entrepreneurs

So, you know that you want to branch out from just practicing medicine. You want to find the perfect entrepreneurial opportunity for you, but you are not positive what options are out there. There are a number of things that work well as options for physicians looking to break out of the box and go into business for themselves.

Investing

Getting involved with investing can be a great option for physician entrepreneurs. You can do more than invest your money in the stock market to create an additional income stream. Angel investing can help you get your foot in the door of business while helping another business owner. You can learn about becoming an entrepreneur while getting a return on your cash. A final option for investing is that you can go through services that provide microloans to business owners in third world countries. This investment option not only provides a way to create an income stream, but it also helps another business owner across the world. Search for peer-to-peer lending to find one that is a good fit for your investment goals.

MBA

Earning an MBA may be overkill for most physician entrepreneurs, but this degree program can be beneficial in specific circumstances where you want to work your way up into administration for larger healthcare institutions. A Master of Business Administration degree will round out your knowledge to help you understand the day-to-day needs of big business. This can be useful for a wide variety of paths forward as a physician entrepreneur. You can also use these skills when running your own practice or starting any other business opportunity that interests you. Because of the time and financial commitments that are involved, I recommend doing a thorough analysis of your goals to determine if the MBA is really necessary.

Coaching

Coaching can be a perfect fit for physicians. This is a great way to pass on your hard-earned knowledge and help your fellow physicians. There are a variety of niches in coaching that you can look into offering to your clients. For instance, if you enjoy working with up and coming physicians, you can help recent graduates get started on their career goals. If you have a good grasp on what it takes to maintain a better work/life balance and avoiding burnout, there is definitely a need for your coaching.

Writing

Do you have an interest in writing? There are multiple ways to use that talent to become an entrepreneur. You can write articles for magazines, write textbooks, create works of fiction or develop educational content to help patients or other healthcare providers.

These four options are just the tip of the iceberg when it comes to the opportunities that are available for you to explore as a physician entrepreneur. The key is finding the right option for you that fits your particular needs and personality. Exploring your options will help you to find a good fit. If you would like to learn more about how you can get started on your entrepreneurial journey, feel free to connect with me at physiciancoach.guru or on LinkedIn.