Practice tip of the week: Physician side businesses

With all the useful information available on Physicians Practice, it is easy to become overwhelmed.

With this in mind, the tip of the week is a chance to reflect on some of the wisdom found all across the site. In a January 2021 article on physician side businesses, Chris Panebianco writes the following:

“When it comes to pursuing entrepreneurial aspirations, a common path many physicians take is practice ownership. Today’s environment, however, presents even more opportunities for physicians interested in starting their own venture—and they’re not alone.

There are numerous ways a side business can benefit physicians, including:

• Additional Income. The income from a second business is especially useful in uncertain times, during slow periods of regular business, or due to an unexpected event. By supplementing what you earn as a physician, you can gain more financial security to pay down debt, grow your wealth, invest in new opportunities, or set aside money in an emergency fund.
• Full Ownership and Freedom. Another benefit of a “side hustle” is the freedom that comes with owning a business. You control the operations, and you get to decide the investments you make and the risks you’re willing to take. As the owner, you choose how much time to put toward it and you alone can reap the financial benefits.

In a challenging economy, it’s important to ensure control of your finances and career; exploring additional revenue streams is one way to do that. By pursuing a side business, and working with the right partner, you can feel more confident about your financial security.”

Click here to read the rest of the article and be sure to check back next week for another Tip of the Week!