We all know how a Doctor/Dentist/Physician profession is very time consuming and draining. If you feel caged as a doctor and don’t enjoy the extremely tight schedules you always have, we understand your plight.
As a Doctor/Dentist/Physician, we understand that you don’t have control over your time. You can be called upon at any time to come attend to patients. This can be very tiring and unpleasant.
While there can be many benefits working as a Doctor/Dentist/Physician, it can also have a toll on you. The pressure of the job and the fact that you don’t have time for yourself can be very discouraging.
If you want to have control over your time and be able to do other things that you love, there are certain side hustles that you can do to earn money by the side.
You can divert and involve yourself in certain side hustle that aligns with your skills, interests, passions, and goals. Apart from the additional financial increase, you can be more fulfilled and happy with yourself.
If you don’t have any idea of what side hustle you can do, we are going to suggest some of the very best side hustles that you can do as a doctor.
1. E-commerce
E-commerce is the buying and selling of goods or services using the internet. Individuals or organizations can buy or sell goods or services over the internet.
The world today is a global market and everyone is now going online to buy or sell goods or services. You can be in the Southern part of the world and buy from sellers in the Northern part of the world using the internet. The internet has made it possible for everyone to transact business regardless of their location.
Experts predict that retail e-commerce sales will attain $4.13 trillion in 2020.
Experts predict that mobile commerce will take a market share of e-commerce of 72.9% by 2021.
These stats show that e-commerce is the way forward in business and it is a global market.
As a doctor, e-commerce is an easy and rewarding side hustle that you can do. You can simply create a website a display your goods or services on the website for people to buy. It is as easy as this. You don’t need anyone to help you run your e-commerce business; you can simply do it by yourself.
The amount you can make from your e-commerce business is huge. It is a continuous business that lasts for as long as you want.
E-commerce business has many advantages. You can start the business without any capital. It is a relatively low-cost business without much upfront cost. When a customer pays for a product, you can use the money paid to buy the product at a cheaper rate and then send the product to the customer while the balance is your gain. This way, you don’t even need much capital to start your e-commerce business.
An e-commerce business is done online from start to finish. You don’t need a physical store to display your product. You don’t need any physical interaction with your customers. Everything is done online, which makes it more cost-effective, and better for you.
Skills
You don’t need to have any special skills to engage in an e-commerce business. All you need is a well-layout and presentable e-commerce website. In the website, you will display all your products. Customers should be able to buy your products and pay for them via the website.
If you don’t know how to create this type of website, you can look for a good website developer to help you develop your e-commerce website.
How much can you make
The average in total revenue for most e-commerce companies is over $6.5 million after three years. On average, a new e-commerce company can expect to bring in about $39,000 of revenue in the first month of business, and generate about $6.5 million in total revenue after three years of business.
This means you can make as much as $6.5 million in total revenue after three years in your e-commerce business if you’re dedicated. Even if you don’t make as much as this after three years as an individual, you can make something reasonable.
2. Real Estate
Real Estate is another very lucrative side hustle that you can do as a doctor. Real estate business is the buying, selling, or renting of properties such as buildings, homes or lands. As a real estate agent, you can assist homeowners, businesses, and investors to buy and sell properties. As an investor, you can invest in real estate properties and make good profits by buying at a lower rate and selling at a higher rate.
Real estate is considered to be one of the most profitable and growing businesses these days. You can make a lot of money by starting a real estate business, either as a real estate agent or as an investor.
Starting a real estate business is a good and profitable side hustle that comes with a lot of difficulties and challenges. The real estate market is a well established one with competition from new and established. You may face some hurdles at the initial stage, however, do not be discouraged by the competition rather focus on building a unique brand for yourself that stands out amongst the rest. With dedication and a good business plan, you can excel in the real estate business.
As a real estate agent, you don’t need much capital to start. You only search for available properties and also search for available buyers to buy or rent the properties. You are like a middleman between the owner of the properties and the buyers. You make money through commissions.
As an investor, you will need a reasonable amount of capital to start. This is because you will need to buy properties to sell. You will need a reasonable amount of money to buy properties to sell for profits. However, you will make more money as an investor more than as an agent.
Real estate business is also not very time-consuming. You also don’t need to be everywhere to perform business transactions. You can buy and sell properties online. You will only need to be physically present for the inspection of properties.
Skills
There are no special skills required to engage in real estate business. You only need dedication and a good business plan to succeed. You need to make adequate research and be careful when buying properties to maximize profit. Start out small and gradually expand as you know more about the business.
Build your brand so that you can stand out among your competitors and get more deals. Consult with established real estate agents and investors to know more about the business. It is advisable to create your own real estate website so that you can reach out to potential customers both from your immediate surroundings and other locations.
How much can you make
You will make more money as a real estate investor rather than a real estate agent. According to the Bureau of Labor Statistics, the average real estate agent earns about $45,990 every year.
As a real estate investor, you can make money through the increase in property value, rental income collected by leasing out the property and profits generated from business activity carried out in the property. You can make huge amount of money as a real estate investor.
3. Biotech Investment
Biotechnology industry includes companies that develop medications for the treatment of diseases and medical conditions. The industry also encompasses genetically modified foods, gene cloning, biofuels and more.
Biotech’s unique business model requires heavy investment in research. This means that investors may wait for years before knowing whether a drug under development will later off and yield profit after it has been manufactured.
Even after a drug is successful, the path to profitability can be a long one. This is because it requires years of testing before a drug can get approved for mass usage.
So, it is important to have extensive research before diving into biotech investment.
You can engage in biotech investment all by yourself. You can only be a shareholder in a reputable biotech company by buying stocks. Your shares in the company will generate profit for you. If the biotech company’s share increases, you make more profit but if the shares decline, you will run into losses.
For this reason, you need to make extensive research about the industry and know the right biotech company to invest in.
When investing in the biotech sector, you should pay attention to the US Food and Drug Administration (FDA), which requires that all companies in the sector provide sufficient amount of information to show that their drugs are safe and effective.
Also, when investing in biotechnology stocks, you should decide on the level of risk that you are willing to take. For example, a large, established biotech company with a multibillion-dollar market capital is less likely to succumb or fail in bad market conditions than a newly listed company in the clinical trial phase. Hence; if you want to invest, it is best to invest in a large, established biotech company.
Skills
There are so special skills required to invest in biotech. You will only need a reasonable amount of money to buy stocks from an already established biotech company. You don’t need to do any other thing or be a part of the day-to-day running of the biotech company. As a shareholder in the biotech company, you’re a part-owner of the company and make profits when the worth in the shares of the biotech company increases.
How much can you make
Biotech investment is a long-term investment. It can take years before you start to realize profits. You also need to be very careful and invest in the right company because you can also run at a loss if you invest wrongly. The increase in the worth of the stocks you bought will determine your profits.
4. Public speaking coach or consultant
As a doctor, you are in a profession that is admired by a lot of people. You’re a professional and a mentor to a lot of people. People will like to hear you speak and listen to you. You can organize seminars or workshops and speak to a large audience. Each participant will have to pay a particular amount of money to attend the seminar or workshop. This is another way you can make reasonable amount of money by the side.
You can also be a consultant and advice people on medically-related topics. You can charge a particular amount of money for your services.
Skills
As a doctor, you already have good knowledge about medically-related topics. You can speak on different medically-related topics that are of interest and importance to your audience. You can also give medically-related advice.
How much can you make
You can make reasonable amount of money for each seminar or workshop that you organize. The more people that attends your seminars, the more money you will make. Build your brand and increase your publicity so that more people will know about your seminars. As a medical consultant, you can make up to $180,000 per year.
5. Medical content writer
As a medical Doctor/Dentist/Physician, you can also write medical content for people to read. You can write medical content as a freelancer and also create a blog where you upload your content. As a freelancer, people require your expertise as a medical professional to write medical content for them. You can earn reasonable amount of money by writing medical content as a freelancer.
There are several websites for freelancers where you can create your profile as a freelancer to get jobs. Experienced and highly-skilled content writers are paid well. This can be a side hustle where you can generate additional income.
Also, you can create your own blog site where you can upload your own content for people to read. You can create a channel where you can make money through your blog site. Create high-quality contents that can generate high traffic to your blog site. The more traffic generated on your blog site, the more money you can make.
Skills
As a doctor, you already have good knowledge of medically-related topics. All you need to do is write quality content on various topics for people to read.
How much can you make
The quality and amount of contents you are able to write will determine the amount of money you can make. You can make up to $100,000 every year or even more as a medical content writer.
