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Making Money Side Business Idea: Please provide feedback
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seanthan1 Offline
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Side Business Idea: Please provide feedback
I’m looking for advice on a potential side project/ business. I’m a specialist physician while I’ve invested a lot to get to this point, I have had doubts as to whether I want to stay in it long term. I have thought about trying to generate additional revenue streams that leverage some of my skills/ knowledge.

I’m thinking of starting a review/ tips website for individuals in the specialty and would like to earn some revenue through affiliate programs/ advertisements. (The fields involves somewhat pricey hardware/ software that I’ve directly used and provide what I think would be valuable feedback on). As a younger physician in a specialty with a lot of older ones, I believe I can provide also valuable insight into increasing efficiency, which I’ve directly seen as suboptimal in some of my older colleagues. Since some of the affiliate programs are not well established, this will involve some work. I understand this may not be very lucrative, but was hoping to earn a few thousand in the first year. As a possible extension of this side project, I have also thought of offering “reputation management services” to clinics in this field, having directly seen some clinics suffer because of poor reviews that could be addressed.

Any feedback or advice would be appreciated! Thanks!
05-27-2018 03:31 PM
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sonoran_ Offline
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Post: #2
RE: Side Business Idea: Please provide feedback
As a physician, you may not have the time, but you will definitely have the money to pursue as many project as you would like. It seems like you have done some research into this so it wouldnt hurt to try.

However, it feels a little beneath your level to be screwing around with affiliate type shit. No harm in trying it out but all the doctors my family knows, drive their cash into high value things like real estate and investing in businesses.
05-27-2018 06:20 PM
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Thomas the Rhymer Offline
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Post: #3
RE: Side Business Idea: Please provide feedback
Have you optimized your core business though? Is it running at the lowest possible overhead with the maximum possible profit? Are you 100% tax efficient with your earnings?

No point starting a side business if your core business isn't optimal yet. It will never be perfect but sometimes the low hanging fruit is missed. With doctors I've noticed that we are sometimes so busy with patients that we forgot to spend a day or so just looking at our business processes and personal finances and there ends up being a lot of monetary waste. Also, stupid things like how the clinic is organized and the system/process that takes patients from the front door to exit sometimes has wasteful or inefficient steps - it might be possible to improve your business work flow to a point that you'll have more free time and enjoy your work enough to not need side hustles.

As a specialist physician in Canada it might be easier just to reduce your unnecessary spending to a point where you can retire early, rather than dissipate your energy in side hustles.

As for ideas for side hustles, look at the needs of practices and consider building up a business that serves that need better. For example, in my country, medical waste management to a large extent is not run very well and I've been thinking of starting my own waste management company just to show the competition that a doctor can do it better than they can. Look at everything in your practice - the furniture, the IT infrastructure, the human resources, the supplies, the music, the note taking system or EMR, the booking system, etc. and see if there is something that could really be improved and would also be a good business idea.

Anyway, that was just my 2c.

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05-28-2018 12:53 AM
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Dr Feelgood Offline
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Post: #4
RE: Side Business Idea: Please provide feedback
Can you be more specific? All of this sounds very vague. What exactly is your expertise, how do you help people? What do you want to sell as an affiliate?

From your post, I'm assuming you are just starting out as a physician and are not earning that much at the moment.

Generally speaking, the big bucks are not in affiliate offers, and certainly not in advertising (that's peanuts). It sounds like what you do is highly specialised, which means your target audience will be very small. Which is not a problem for affiliate offers, if the software/hardware is very pricey. However, I don't see doctors or hospitals acquiring x-ray equipment via affiliate links... that's why I'm asking you for details.

I do see two better potential possibilities:

1. “Reputation management services”: That could work, who knows. If your website makes it big, you might establish yourself and get hired. Of course, you would still be selling your time there (unless you employ people, etc.). However, this is a completely different type of project than affiliate. Your website should probably be focused on either one or the other (depending on your details).

2. Sell information products like online video courses in which you share your knowledge: You can scale this very well. Considering who you are selling them too and how small your audience will probably be, you should price them very high

However, establishing your website takes some work and won't happen overnight.

Just my thoughts as an online entrepreneur. Hope this helps!

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05-30-2019 08:21 PM
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GT777733 Offline
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Post: #5
RE: Side Business Idea: Please provide feedback
People are going to pay you for what saves money, makes money, saves time or makes their lives of business/job/lives easier.

So, you need to show them how exactly you will do that.

The software idea sounds good - but, it sounds like potentially a lot of dicking around in the beginning to set it up.

The best idea in my opinion is to offer a consulting service where you either a) skype call other clinics/practices, or b) go see them personally.

You can consult and recommend the software to them (call the software company first and work out a commission rate per sale), and/or consult and give them tips on efficiency for their workers. You need to show them how it will make or save them money, save them time, or make it easier to run their practice.

You don't even need to be online if you don't want (but it would maybe help bring in more leads). Make a list of the clinics or practices that would be good clients and ring them up, cold call them and book a meeting.

Before you put heavy time and/or money into it - figure out what you are going to be getting paid per booked client or per software package sold. You can work on a 5 or 10% conversion rate (of leads you get in touch with) and adjust from there once you know your real conversion rates.

But, really ask yourself if you hate what you are doing now enough to change over to this.

In my experience, it's a million times easier to optimise what you are doing now than it is to start a new system. (I agree with above - see if you can optimise what you are doing now before you jump ship and go too far into this new venture)

But, that's up to you to weigh everything up.
05-30-2019 11:48 PM
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