It’s becoming more and more prevalent over time – Doctor burnout. As the speed of life has increased to often frantic levels, we are seeing more and more Doctor burnout than ever before.
According to Medscape’s 2019 National Physicians, Burnout and Depression Report more than 40% of physicians and 50% of female physicians are burned out.
Furthermore, according to a study published in JAMA Network Open, there was an increase in physician burnout from 2014 to 2017.
These are sobering statistics, that paint an increasingly alarming picture. That’s why now, like never before, doctors need side hustle options.
So if you’re a doctor, and you want to take back control of your life – take heart! You can start shaping a new, less frantic life by looking at some fantastic side hustle options.
Affiliate Marketing is a terrific place to start generating an extra income. According to a Forester Consulting study, affiliate marketing is predicted to increase by 10.1% per year till 2020. That shows it’s growing with no sign of slowing down.
But first things first. What is Affiliate Marketing? You may be scratching your head if this is not a familiar concept to you.
Affiliate Marketing is when you sign up with a company to become an affiliate for their product. You market their product and for every sale you make, you receive a commission from them.
As someone already working in the medical industry, you have the added advantage of insight into what people may want or need. This will be your niche or area of focus for affiliate marketing. From here, you need to search for an affiliate program to join up with.
One example you can consider is to become an affiliate for a medical supply company. An example of this is Medsitis Medical Supplies. Many people are needing an assortment of medical supplies and you can provide an avenue in meeting this need.
Medsitis Medical Supplies is an online company with over 20 years of experience. (This is an important factor to bear in mind when choosing an affiliate program to partner with – you want a company that is established and well-trusted). They offer a vast array of medical supplies. Their prices are competitive and they provide speedy delivery. They offer a 10% commission for sales.
Let’s take a closer look at the advantages of affiliate marketing.
This is a great option for doctors, particularly in light of the fact that there is a need for expert medical witnesses to testify for trials.
A survey was conducted by the Expert Institute in which 1000 attorneys were surveyed. It was found that 1 out of 5 attorneys reported that 70% – 90% of their cases needed experts over the last 5 years. There’s a need that can be filled here for medical expertise.
You can, for instance, sign up with Seak which is an Expert Witness Directory. They specialize in training and connecting experts in various fields with those who require their expertise.
As you explore this option as a side hustle consider the following advantages of being an expert witness:
Another excellent opportunity to explore as a side hustle is Amazon FBA. Amazon has widely recognized the world over. What people may not be aware of is their FBA option.
In a nutshell, Amazon FBA (Fulfilment By Amazon) allows you the option to market your product on Amazon but then have them fulfill that order from start to finish.
Your products will be stored at their warehouse and when a customer places an order, Amazon will package and ship the products to them. They will also take care of customer service.
It’s a very convenient and handy option for a side-hustle because Amazon takes care of the hands-on work.
In light of the fact that selling via FBA on Amazon gives a seller a 30% – 50% increase in sales, it’s also proven to be a very viable way to increase your income.
Now that you can see that this is definitely an option to consider, you may be scratching your head wondering where to begin. After all, Amazon is an incredibly expansive platform offering an extensive and varied range.
A great starting point is to look at Amazon’s Best Seller List. Looking at the list for medical bestsellers you can see that currently, the top seller is the 23 and Me DNA Test. This is an example of something you can consider selling via Amazon FBA.
Now that you have some info about Amazon FBA, consider these advantages:
You might be wondering about the need for this, but consider the following projection: “The Bureau of Labor Statistics recently posted that between 2016-2026 the meeting and event industry would grow an average of 11%”
Clearly here lies a viable opportunity to pursue as a side hustle. Currently, there is much interest in the link between diet, lifestyle and auto-immune diseases.
NBC News reports that in 2018, “keto diet” was the most-searched word on Google. This is backed up by Google’s “Year in Search” report. This is just one example of an area you could focus on and specialize in.
We’ve identified that there’s scope to generate extra income through public speaking, but let’s turn our attention now to weighing up the advantages and disadvantages of public speaking.
“Self-published books now represent 31% of e-book sales on Amazon’s Kindle Store”. Clearly, self-publishing is going from strength to strength and using a well-known and trusted platform like Amazon only adds to this.
Kindle publishing allows you to publish your work on Amazon kindle. Choosing a niche can be based on your expertise combined with ideas you can glean from tools like Google Trends.
CNN released a list of the top 10 medical queries searched on Google in 2018 and top of the list was the keto diet. So there’s a big interest in a diet for example.
Clinical medication review is the process through which a Doctor reviews a patient, their illness and their treatment. It involves assessing how the treatment is working in addressing the illness.
“The global pharmaceuticals market was worth $934.8 billion in 2017 and will reach $1170 billion in 2021”. This shows a growth of 5.8% according to a recent pharma market research report by The Business Research Company.
Clearly, this is a large industry with scope to make some side income. An example of a company you can partner with in providing reviews for medications is Pfizer.
But what are the advantages of doing a review for medications?
Google is often the first port of call when it comes to people looking for medical help. You can capitalize on this as a side-hustle option by offering your services as an online doctor who treats patients worldwide.
According to a report in The Telegraph “Google’s total daily health-related searches amount to 70 000 each minute”.
There’s definitely a need for this one that you can fill with your expertise and knowledge as a Doctor.
American Well is an example of a company you could work with as an online doctor. Consulting is done with their new and existing patients through video consults, via phone or computer.
What are the advantages of a side-hustle in telemedicine?
If you are looking to make an impact on the medical field in addition to earning some extra income then this one for you! By providing your valuable feedback through medical surveys you can have an impact on the development of new medications.
A report from Research America found that investment in medical health research and development increased with a 20.6% growth from 2013-2016 and beyond. Clearly, this is an area of the medical industry that is just growing to meet the ever-changing and evolving nature of the industry. It’s a great area to consider as a side-hustle.
Sermo is an example of a company offering work to doctors for medical surveys. The way it works is very simple. You will be sent a survey via email which you need to complete. On completion, you are paid between $15 – $250 per survey depending on the length of the survey.
What are the advantages of doing medical surveys?
A final side-hustle that definitely deserves consideration is producing an online course to educate others.
Consider this statistic. “Market research from Global Industry Analysts projected ‘e-learning’ would reach $107 billion in 2015 and it did. Now, Research and Markets forecasts show trip the revenue of 2015 – e-learning will grow to $325 billion by 2025”.
This reveals that e-learning is a substantial area that offers great potential to generate a side hustle. An example of an avenue through which to do this is Udemy. With Udemy you are able to record courses, choose your own price and make money for each one of your courses that is purchased.
What are the advantages of teaching online?
So there you have it! Some awesome options to help you choose a side-hustle. The balls back in your court. You don’t have to be a slave to long, emotionally draining hours at work. You can set your own pace and schedule by considering some of these side hustle options today!
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