Best Side Hustles For Doctors | 9 Ideas To Make Earn More Money

best side hustles for doctor physicians

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.

1. Affiliate Marketing

image of Affiliate Marketing

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 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.

Advantages

  1. The cost to start-up is minimal
  2. You can generate a passive income
  3. You set your working hours
  4. Don’t need to provide customer after-care service
  5. There’s flexibility
  6. You don’t require any expertise

Disadvantages

  1. Your income level is not guaranteed
  2. No control over the terms and commission of your affiliate program
  3. Competition
  4. Can’t establish your customer base

Key Things To Consider

  • Take into account your own insights and observations when choosing a niche to become an affiliate marketer but don’t neglect to use tools like Google Trends to check if your idea is viable and to further refine it.
  • Take the time to read through your affiliate agreement so you know exactly what terms you are agreeing to and your commission structure. Sometimes the commission becomes less after a certain period so be sure to check it out!
  • When choosing your product it’s good to go for the higher-end products, but you can also sell a range of lower and higher products to broaden your spectrum and reach more people.
  • Invest time into learning about affiliate marketing – having a good affiliate marketing course like Authority Hacker’s Authority Site System or Income School’ Project 24 can really cut down the amount of time you need to learn about affiliate marketing.

2. Become An Expert Witness

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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:

Advantages

  1. Good profit
  2. Flexibility
  3. There is variety in the different cases you will testify for
  4. Potential to travel

Disadvantages

  1. It takes time to prepare your feedback
  2. The pressure to bend your integrity
  3. Can be emotionally exhausting

Key Things To Consider

  • Clearly identify which types of cases you would like to work on. Make sure your knowledge level is sufficient.
  • Have a non-refundable, upfront retainer in place when you accept the job.
  • Research your fee carefully. It will be shaped by how much experience you have and the demand for your expertise. Take into consideration how much money you make daily and make sure you don’t charge less than that.
  • Have a written agreement in place that outlines your expectations and requirements and has a cancellation policy in place.

3. Amazon FBA

image of amazon FBA

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:

Advantages

  1. Less Time-consuming for the seller
  2. Credibility due to trust in the brand of Amazon
  3. Quick delivery
  4. Free shipping for the buyer
  5. Storage provided by Amazon
  6. 24-hour customer support

Disadvantages

  1. You pay FBA fees
  2. You have less control
  3. Amazon’s policy makes it easy for goods to be returned
  4. Can be challenging to track your inventory

Key Things To Consider

  • The FBA fees you pay include both storage and fulfillment fees – these are not set fees, they vary depending on the size and quantity of products you want to store. Take this into consideration when you set your prices.
  • Make use of the fee calculator provided by Amazon to help you calculate your income and expenses and set your prices.
  • You don’t have to sell a minimum amount of products – This is great news for those just starting up as smaller businesses.
  • You are not restricted to selling products on Amazon via FBA. You have the option of handling your own packing, shipping and customer care needs for your products.
  • To get started, I recommend checking out a reputable Amazon FBA course such as Marketplace Superheroes or Amazing Selling Machine

4. Become A Conference Speaker

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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.

Advantages

  1. Flexibility in setting your schedule
  2. A possibility of traveling
  3. Potential to earn a good income
  4. It can boost your confidence
  5. Provides you with the chance to keep honing and refining your skills

Disadvantages

  1. It can be nerve-wracking
  2. Can be challenging to generate new material and ideas to present on the same topic
  3. Preparation can be time-consuming

Key Things To Consider

  • Be prepared to speak without charging a fee initially – This will allow you to practice, hone your skills and establish a referral base of organizations who can vouch for your credibility.
  • This may sound obvious but don’t be tempted to speak on a subject you are not experienced in. Conference speakers who are experts in their respective areas are in demand and well-paid by those who hire them.
  • Make sure your presentation includes current facts. This adds value to what you are offering your audience and adds credibility to you as a conference speaker.

5. Kindle Publishing

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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.

Advantages

  1. You can access the market quickly
  2. Earn more money
  3. Retain control
  4. You have the option to publish in both digital and print
  5. It’s easy to get started
  6. You can provide quality content in a shorter format

Disadvantages

  1. Some people prefer paper-based books
  2. You are restricted to the Amazon platform for a period
  3. It takes time to build up sales
  4. Competition

Key Things To Consider

  • Amazon has very specific formatting specifications for your ebook. Be sure to familiarise yourself with these and follow them.
  • Never skimp on the cover. Pay a professional designer to design a professional and appealing cover – first impressions count!
  • Focus on writing a strong opening for your book because the first 10% of your book will be available for viewing on Amazon. It needs to be gripping to get readers to want to buy it.

6. File Review For Medications

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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?

Advantages

  1. Flexibility
  2. The work is easy to do
  3. A consistent flow of work

Disadvantages

  1. While the work is consistent, it may not be over-abundant
  2. Repetitive work

Key Things To Consider

  • Take into account that you will be paid according to the number of questions you answer on the template. Some templates are longer and others are shorter.
  • You may be required to speak telephonically with other Physicians to question this. They may be resentful and defensive.  Be prepared to take this into account and keep things professional.

7. Telemedicine

image of Telemedicine

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?

Advantages

  1. Good income
  2. Flexible Schedule
  3. Can work from anywhere
  4. Don’t need an expensive outlay to get started

Disadvantages

  1. Restrictions may apply from regulations around telemedicine depending on where you live
  2. Limited in being able your patient physically
  3. Technical glitches with the internet

Key Things To Consider

  • Familiarise yourself with the regulations in your area around telemedicine.
  • Investigate liability risks – check with your medical malpractice provider whether they will cover you for telemedicine practice.

8. Medical Surveys

image of Medical Surveys

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?

Advantages

  1. Quick
  2. Flexible – you can fit it around your schedule
  3. You can have an impact on the development of medical products and medicine

Disadvantages

  1. No fixed earnings
  2. Company may cancel with little notice
  3. You need to respond timeously before they find someone else

Key Things To Consider

  • While the focus here has been on surveys, you are by no means restricted to that. You have the option of also providing telephonic consultations for which you can charge $300 per hour and even higher.  You also have the option of being involved in In-person focus groups for which you can expect to earn between $500 – $1000 per hour.  Consider your current schedule and what you are hoping to earn to guide you in deciding which avenue will fit you best.
  • You need to keep in mind that the survey companies usually require the doctor to be involved in active practice when completing the surveys.
  • It is not usually a requirement that a doctor needs to have board certification. However, be sure to confirm this with the company you sign-up with.

9. Teach Online

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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?

Advantages

  1. Flexible
  2. A continual stream of income
  3. Passive income

Disadvantages

  1. Initially may be time-consuming
  2. Set-up costs could be high

Key Things To Consider

  • Start off with a clearly defined understanding of what you are offering your students. This will help you keep your course on target.
  • Decide how many levels you want to offer for your course so you can gauge how much info to provide. Also, compare the quality and quantity of the of your course with similar courses on the same subject.
  • Consider whether it will be an accredited course and what sort of accreditation you can offer.

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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