7 Realistic Side Hustles For Doctors
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7 Realistic Side Hustles For Doctors
According to a report from Medscape, close to 4 out of 10 physicians in the United States have a side hustle.
The report should tell you how popular side gigs have become in the medical industry.
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A side hustle is always a perfect move towards financial freedom.
Thus, it is gaining more popularity by the day.
Moreover, these side hustles also serve as shields against changes in government policies that may affect doctors in the long run.
There is so much to do with your medical skills as a doctor, so it becomes easier to make money via related side hustles.
So, to make things easier, we have compiled a list of the seven best realistic side hustles for doctors.
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Key Highlights
🎯 Planning a side hustle around your core competence always wins.
🎯 Never belittle your abilities to try something outside your medical field.
🎯 Planning your financial exit from your 9-5 job is never a bad idea.
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🎯 A side hustle is an ideal move towards financial freedom.
SEE ALSO: Best Side Hustles for a Dentist
SEE ALSO: 10 Best Side Hustles For Civil Engineers
SEE ALSO: 8 Online Side Hustle for Busy Dads
1. Health Consultation Services
There is a wide range of people out there that seek the advice and counseling of experienced doctors.
As a doctor, you could start a part-time health consultation service.
You could even expand your horizons by adding virtual consultation functionalities to your services.
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This way, even more people can reach you.
Today, most consultants charge between $100-$500 for just an hour of counseling.
However, this is dependent on the experience level and reputation of the consultant.
Signing up on websites like CoMatch will be a great idea for your exposure as a consultant.
2. Real Estate
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Real Estate investment is significantly one of the most lucrative side hustles a doctor can start in 2022.
If done correctly, this could turn out to be an excellent source of passive income.
Moreover, as a real estate investor, you could earn money even while asleep.
Whether you intend to go into residential, commercial, or land real estate, this business has so much recurring income.
All it takes to start a real estate business is to start up a company and raise capital to purchase landed properties.
There is little to no risk attached to this business.
For a start, you could secure a local loan for this business and pay it off when the profit starts rolling in.
Alternatively, you could even start on a small scale by renting out free rooms in your home and partnering with schools around you.
You can rent out free rooms in your house by placing notification ads on websites like Airbnb.
Real Estate Investment Websites:
Fundrise
Realty Mogul
3. Expert Witness
When a legal case involves some medical issue, a doctor must work with the attorneys in charge.
In this context, these doctors stand as expert witnesses.
Being an expert witness is one of the most lucrative side hustles you can
start as a doctor.
These doctors are called up in front of a jury to give professional opinions in some cases.
As an expert witness, you can set your price rates yourself.
For sensitive jobs, some doctors bag as much as $10,000 in just a single day.
Being an expert witness is a real side hustle that brings so much money.
However, it is worthy to note that the job of an expert witness can be stressful in some cases.
4. Skincare Product Line
Suppose you are a dermatologist or a plastic surgeon. In that case, creating a skincare product line is one of the best realistic side hustles for you.
As a skincare doctor, people would naturally believe in a product from you.
Moreover, you also stand a chance of selling more to patients.
Thus, this side hustle turns out to be a very lucrative one.
As of 2022, the global skincare industry is already worth $163.5 Billion.
According to a research article by Statista, this is projected to be worth $189.3 Billion in 2025.
It is not difficult to start a small-scale skincare line.
With websites like Freelance Formulations, you can create stock formulas for your skincare products for as low as $1,000.
These websites allow you to save time and money to get your product line out there quickly.
However, it is advisable to seek legal advice from an attorney before kick-starting this side hustle.
5. Space Rentals
If you have a spare room, hall, or even some space outside your home, you could turn that into some real money.
Today, so many events and parties occur around us.
The truth is; most event spaces are hired.
Thus, you could utilize any free space around your home (that belongs to you) to make so much money.
What makes it even easier is that there are numerous websites on the internet where you can advertise your rentable space.
Top Websites For Space Rentals:
6. Tele-Medicine
Telemedicine allows doctors to use technology to deliver distant medical care to patients with non-emergency conditions.
Via this method, a doctor delivers advice, prescriptions, and care to patients physically at a distant place.
You can do this side job via a computer or mobile phone in the form of video, audio, or even text.
Today, most doctors get paid for working part-time as telemedicine doctors.
Telemedicine is a perfect side hustle to begin as a doctor.
Video sessions for telemedicine cost an average of $150 per hour, while live chats cost around $15.
However, this all depends on the service provided by a doctor.
Most doctors make money from this side hustle, and it also presents one of the most flexible work styles.
To find telemedicine offers online, you could consider signing up on websites like iCliniq and Sesame Care.
7. Medical Writing
The demand for medical writers today is higher than ever.
Medical writers pass information about health care to the general public and even other health professionals.
If you are an experienced doctor, you could pick up medical writing as a side hustle.
Like regular content creation, any doctor could become a freelance medical writer and make so much money from this side hustle.
With freelance websites like Fiverr, you can come across a wide range of available gigs for medical writers.
Doctors with good writing skills are often highly favored, as their experience plays a significant role in the quality of their medical articles.
Websites For Medical Writers:
What To Look Out For When Selecting A Side Gig
A lot comes to play when choosing a perfect side hustle.
Side hustles have a purpose: To provide extra income while allowing us to enjoy freedom and flexibility at the same time.
Now, while selecting a side hustle, there are some things you need to consider.
They are:
- Recurring Income Potential
- Required Experience
- Time Flexibility
- Total Earning Potential
These are the top 4 things to look out for when searching for any side hustle.
With this in place, one can easily spot side hustles that are not worth it.
Final Thoughts
There are numerous ways to make money from side hustles as a doctor.
Moreover, there are tons of side hustles available in the health sector.
Thus, it becomes easier to utilize this money-making opportunity.
All the side hustles featured on this list are suitable for doctors.
While most of these side jobs require high knowledge in health care, some require little to no experience in the medical field.
As a doctor looking for a good and realistic side hustle to make money, you can make your choice from this list.
