When it comes to exploring their entrepreneurial aspirations, many physicians follow a structured path toward practice ownership, either through climbing the ranks as an associate or purchasing a practice outright. But for the 53% of physicians who aren’t pursuing their own practice,1 there has never been a more opportune time to take professional and financial control, with a side business. Here’s how:
Benefits of Establishing a Side Business
By developing your own side venture, you can:
- Supplement Your Income
In today’s economic landscape where so much is uncertain, multiplying and diversifying your income streams puts you in a more secure financial position.
- Pursue Your Personal Interests
For many physicians, investing in or starting your own side business is an opportunity to exercise your creativity and pursue a passion project, whether that’s within the medical field or outside of it.
- Control Your Time & Money
With a side business, you’re in control of your day-to-day operations, and your finances. Depending on what you pursue, you can set your hourly rate, ownership stake, risk taken, etc. and reap the benefits.
- Impact Your Community
As a physician, caring for others is at the core of what you do. A side business is a way for you to make a difference in a new way, by providing employment, financial backing, or a much-needed product/service.
Side Business Opportunities to Consider
Across many industries, medical practitioners have numerous options when it comes to investing in or starting their own side business. Here are a few ideas to consider:
- Medical consulting for hospitals, surgery centers, etc.
- Private telemedicine
- Health insurance consulting
- Writing a book or medical student guide
- Investing in real estate
- Starting a real estate business
- Purchasing or starting a business or franchise
- Angel investing or venture capital work
How to Get Started
No matter what your goals for a side business are, it’s likely that you may need working capital to get started. A business loan from BHG can help. With approval in 24 hours and funds in as few as three days, you can get the money you need at the speed that life requires, so you never miss an opportunity.2 Our loans won’t impact your personal credit and don’t require personal collateral to get started, so you can safeguard your current financial position.3 To see how affordable a working capital loan from BHG can be, try our free payment estimator today.
1 Physician’s Foundation 2 Subject to credit approval. Amounts and interest rates vary and are determined by applicant’s credit profile. Call for full program details. 3 Monthly payments will not be reported to credit reporting agencies. However, accounts in collections with serious delinquencies may be reported.