Create your very own Auto Publish News/Blog Site and Earn Passive Income in Just 4 Easy Steps
I began my medical studies with a passion for helping others. I know the same is true for many of you.
Originally I had no intention of deviating from this road. Becoming an anesthesiologist was my only big plan in life. But over time, I realized that I also had the drive to create something of my own – something outside the walls of the hospital or clinic.
This desire, which many of you share, can be fueled by many things. We may want to live life on our own terms, pursue a passion, strengthen our sense of purpose by giving back in other ways, and more. For me, that came in the form of my first business, Curbside Real Estate, a company that connected doctors with doctor-friendly home loans so they could buy their dream home.
I had no intention of starting this company; I was having trouble buying a home, so I decided to try something that might help others in the same situation. Then that passion for helping others grew into a business. Afterwards, I realized that entrepreneurship could supplement or even replace my medical income, create lasting wealth, and allow me to live a life on my own terms. I know many of you want the same thing.
Regardless of how or why we become entrepreneurs, the struggle is real. I remember how difficult it was at first to balance the long hours at the hospital with the early stages of Curbside Real Estate. It wasn't easy, but it taught me valuable lessons about time management, prioritization, and diversifying my identity.
Whether you are an experienced doctor or just starting out in the medical field, we all need practical advice, real-world insights and tips to overcome the challenges that come with balancing a medical career and entrepreneurial ventures. Let's take a look at how you too can find this balance and be successful as both a physician and an entrepreneur.
Entrepreneurship is growing rapidly and for many doctors it is a normal part of their working life. A recent Medscape survey found that nearly 40% of doctors have a part-time job, including 34% in their 30s and 37% in their 60s. When I first saw these numbers, I was surprised, but not surprised. Due to recent healthcare uncertainties, doctors are looking for other ways to supplement their income.
The good news is that these side gigs provide us with new, wonderful opportunities. When we think about entrepreneurship, we quickly get caught up in the excitement of starting a new business. However, it is important to recognize the value of maintaining your regular job, especially in the medical field.
As a doctor, you have a stable income, a secure job and a range of in-demand skills that are highly regarded. This stability gives you a safety net that allows you to take calculated risks in your business ventures without jeopardizing your financial well-being.
Find the right balance to ensure you provide enough energy for your business to thrive while maintaining your medical income. The many events and conferences here at Passive Income MD, such as our Leverage and Growth Summit, are attended by physicians who have successfully found a plan to balance their day job and side hustle. Contact with such people is not only an important part of your education, but will also inspire you to define and achieve your goals. We hope to see you soon.
Transitioning from a full-time medical practice to entrepreneurship doesn't happen overnight. It is a gradual process where your medical career can actually support your entrepreneurial journey.
Your job can provide you with the capital you need to invest carefully in your business, while also giving you the opportunity to develop skills like leadership, time management, and problem solving – all of which are invaluable in the entrepreneurial world. Reid Hoffman, co-founder of LinkedIn, once said, “An entrepreneur is someone who jumps off a cliff and builds a plane on the way down.”
For those looking for additional support: You don't have to build the plane alone. One of the best things I did was find a Curbside Real Estate partner, someone who actually had more time, energy and effort to put into it. They helped me make the vision a reality and grow the business over time while continuing my full-time medical career.
Although starting your own business can be overwhelming, remember that you are already a well-rounded, extremely hard-working professional who will thrive in any situation. Any experience in your medical career can be a stepping stone toward your business goals. In fact, doctors tend to be great entrepreneurs.
Sometimes colleagues and schedulers disapprove of colleagues with side hustles, and that's understandable. When we spend our time on other business ventures, they may think that we can't give our all to our day-to-day tasks. Of course, when properly balanced, side hustles give us the fuel and purpose to reinvigorate our approach to our daily medical work. Therefore, be transparent about your business activities with your employer and colleagues.
Set clear boundaries to ensure that your business activities do not interfere with your duties as a physician. This could include setting specific hours for your business work, deciding what you can and cannot do in your business, and seeking legal advice to navigate complex situations.
Last but not least, you need to make sure your partner and family are on board. Before becoming an entrepreneur, you balanced your personal time with your medical career. Now something else is added to the equation and you need to get the green light from those who love you.
There never seems to be enough time. That's why, in my opinion, time is our most valuable asset. As physicians, our busy schedules have already made us aware of this. Therefore, using your time to further your entrepreneurship may sound scary at first. To create space for your entrepreneurial ventures, you need to manage your time strategically.
Here are ways you can reclaim your time to devote more energy to your new endeavor:
Remember: it's not about working harder, but smarter. By reclaiming your time, you can devote more time to your entrepreneurial passions.
The balancing act between your medical career, your personal life, and your business ventures is not static; it evolves over time. Maybe after a few years you'll devote more time to entrepreneurship than medicine.
As your business grows and becomes more stable, you may automatically shift your focus. Alternatively, there may be times when your medical career requires more attention. Whatever the case may be for you, things change.
The key is to remain flexible and adapt to the changing dynamics of your professional life. Finding balance is always a challenge, but part of successfully achieving your life goals is finding the right balance at each stage of your career.
But we want to hear from you. Join one of our many communities and tell us how you found the balance you needed to build your next big business venture. We here at Passive Income MD hope to be part of your support system as we help you on the path to achieving your dreams.
Peter Kim, MD, is the founder of Passive Income MD, creator of the Passive Real Estate Academy, and offers weekly training through his Monday podcast, the Passive Income MD Podcast. Join our community in the Passive Income Doc Facebook Group.
Create your very own Auto Publish News/Blog Site and Earn Passive Income in Just 4 Easy Steps
