HomePassive IncomeHow to Balance Your Medical Practice and Entrepreneurial Ventures

How to Balance Your Medical Practice and Entrepreneurial Ventures

I started in medicine with a passion for helping others. I know the same is true for many of you. 

Originally, I had no intention of veering off that road. Becoming an anesthesiologist was my one and only big plan in life. But over time, I realized that I also had the drive to create something of my own—something beyond the walls of the hospital or clinic. 

This desire, a desire many of you share, can be fueled by many things. We may want to live life on our own terms, pursue a passion, increase our sense of purpose by giving back in other ways, and so much more. For me, that came in the form of my first venture, Curbside Real Estate, a company that connected doctors with doctor-friendly home loans to buy their dream house. 

I didn’t intend to create that business; I had difficulty buying my own home, so I decided to try something that could help others in the same situation. Then, that passion for helping others grew into a business. After that, I realized entrepreneurship can supplement or even replace my medical income, creating enduring wealth and letting me live life on my own terms. I know that many of you want the same.

Regardless of how or why we become entrepreneurs, the struggle is real. I remember how difficult it was to initially balance the long hours at the hospital with the early stages of Curbside Real Estate. It wasn’t easy, but it taught me invaluable lessons about time management, prioritization, and diversifying my identity. 

Whether you’re a seasoned physician or just starting in the medical field, we all need practical advice, real-life insights, and tips to help navigate the challenges of juggling a medical career with entrepreneurial endeavors. Let’s take a look at how you, too, can find that balance and thrive both as a medical professional and an entrepreneur. 

The Advantage of the Day Job

Entrepreneurship is quickly growing, and for many physicians it’s a normal part of their work life. A recent survey from Medscape revealed that nearly 40% of physicians have a side gig, including 34% in their 30s and 37% in their 60s. When I first saw those numbers, I was taken aback but not surprised. Because of the recent uncertainties in healthcare, physicians are looking elsewhere to supplement their income. 

The good news is these side gigs provide us new, wonderful opportunities. When we think about entrepreneurship, it’s easy to get caught up in the excitement of launching a new venture. However, it’s important to recognize the value of maintaining your day job, especially in the medical field. 

As a physician, you have a stable income, job security, and a set of in-demand skills that are highly respected. This stability gives you a safety net, allowing you to take calculated risks in your entrepreneurial endeavors without jeopardizing your financial well-being. 

Find the right balance to make sure you allocate enough energy to let your venture thrive while maintaining your medical income. The many events and conferences here at Passive Income MD, such as our Leverage and Growth Summit, feature physicians who have successfully found the blueprint to balancing their day job and side hustle. Connecting with folks like this is not only an important part of your education but will also inspire you to define and achieve your goals. We hope to see you soon. 

Supporting the Transition into Entrepreneurship 

Transitioning from a full-time medical practice to entrepreneurship doesn’t happen overnight. It’s a gradual process where your medical career can actually support your entrepreneurial journey.

Your day job can provide the necessary capital to carefully invest in your business while also giving you the opportunity to develop skills like leadership, time management, and problem-solving—all of which are invaluable in the entrepreneurial world. As co-founder of LinkedIn Reid Hoffman once famously said, “An entrepreneur is someone who jumps off a cliff and builds a plane on the way down.” 

For those looking for additional support, you don’t have to build that airplane all by yourself. One of the best things I did was find a partner for Curbside Real Estate, someone who actually had more time, energy, and effort to put toward it. They helped me make the vision a reality and grow the business over time while I maintained my full-time medical career. 

And while starting your own venture can be overwhelming, keep in mind that you are already a well-rounded, extremely studious professional who is likely to succeed in any situation. Every experience in your medical career can be a stepping stone toward your entrepreneurial goals. In fact, doctors tend to make excellent entrepreneurs. 

Managing Conflict of Interest

Sometimes coworkers and schedule makers frown at colleagues with side hustles, and that’s understandable. If we are spending our time with other business ventures, perhaps they think we can’t give our all to our day jobs. Of course, when balanced properly, side-hustles give us the fuel and purpose to reinvigorate our approach to our daily medical work. For that reason, be transparent with your employer and colleagues about your entrepreneurial activities. 

Establish clear boundaries to ensure that your business pursuits don’t interfere with your responsibilities as a physician. That could include setting specific hours for your entrepreneurial work, deciding what you can and cannot engage in with your venture, and seeking legal advice to navigate any complex situations. 

Last but certainly not least, you need to make sure your partner and family are on board. Prior to entrepreneurship, you were balancing your personal time with your medical career. Now, you’ll be adding something else to the equation, and you need to get the green light from those you love. 

Recapturing Time for Your Venture

There never seems to be enough time. That is why time is, I believe, our most precious commodity. As medical professionals, our busy schedules have already kind of clued us into that. So tapping into your time to nurture your entrepreneurship sounds scary at first. To make room for your entrepreneurial ventures, you’ll need to be strategic about managing your time. 

Here are ways in which you can recapture your time in order to devote more energy to your new venture:

Remember, it’s not about working harder but working smarter. By recapturing your time, you can dedicate yourself more fully to your entrepreneurial passions.

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The Evolving Balancing Act

The balancing act between your medical career, personal life, and entrepreneurial ventures is not static; it evolves over time. Maybe, after a few years, you devote more time to entrepreneurship than medicine. 

As your business grows and becomes more stable, you might find yourself naturally shifting focus. Alternatively, there may be times when your medical career demands more attention. No matter what the case may be for you, things change. 

The key is to remain flexible and adapt to the changing dynamics of your professional life. It’s always a challenge to find a balance, but part of successfully achieving your life goals is finding the right balance at each stage of your career. 

But we want to hear from you. Join one of our many communities and tell us about how you have been able to find the balance you need to build the next great entrepreneurial venture. We here at Passive Income MD hope to be part of your support system as we cheer you on the journey of achieving your dreams. 

Peter Kim, MD is the founder of Passive Income MD, the creator of Passive Real Estate Academy, and offers weekly education through his Monday podcast, the Passive Income MD Podcast. Join our community at the Passive Income Doc Facebook Group.