16 Passive Income for Physicians [2024]
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As a physician, you have likely developed a drive to achieve your goals. This drive has been integral to your success in medical school and your ongoing career. You take satisfaction in setting objectives and creating strategies to reach them, whether that involves improving your practice or finding more time for your family.
Your desire to excel is also the impetus behind your interest in pursuing a side hustle as a doctor. A side hustle is not merely a way to earn additional income. It presents an opportunity to acquire new skills, network with other professionals who share your passions, and explore novel challenges.
Regardless of what motivates you, a side hustle is an avenue for personal and professional growth. With your experience and expertise as a physician, you have much to offer, and the potential rewards of a side hustle are limited only by your imagination.
In this blog post, I'm going to share some ideas for how Physicians can make passive income. Stay tuned for tips on how to get started!
1. Become a real estate investor
Real estate is an excellent passive income stream for physicians. As a physician, you are likely to have a higher income that can help you invest in property. The investment can be in the form of rental properties or REITs, which require minimal management on your part, making it a passive income stream. This is particularly beneficial for physicians who have busy schedules and cannot dedicate much time to managing their investments.
How much you can make: $5,000 — $1,500,000/month
How long does it take to build: 180 days (?)
Entrepreneur Brandon Turner explains how he started a real estate investment company, Open Door Capital, which now manages over 5,000 rental units, bringing in $30,000,000 per year in revenue while only working a few hours a week, and aims to cross $1,000,000,000 in real estate by the end of the year.
2. Build a personalized treatment recommendation app
As a physician, you have expertise in healthcare that you can leverage to develop a personalized treatment recommendation app. The app can use your knowledge to recommend treatments to patients, helping them manage their health conditions better. This can be a passive income stream as the app can generate revenue through advertising, subscriptions, or commission on sales. With advancements in technology, building an app has become more accessible and affordable, making it a viable option for physicians looking for passive income.
How much you can make: $5,000 — $200,000/month
Founder and CEO of SelfDecode, Joe Cohen, explains how his company helps people discover personalized diet, supplement, and lifestyle recommendations based on DNA and lab tests; generating about $2.7 million in revenue over the past year and raising $8 million in a crowdfunding campaign, SelfDecode provides personalized health recommendations prioritized on unique genetic variants, marking the future of healthcare.
3. Start a YouTube channel
Physicians can create a YouTube channel to share their knowledge on health and wellness with the audience. This can be an excellent way to generate passive income through advertising and sponsorships. Additionally, YouTube channels can help physicians reach a wider audience, establish themselves as thought leaders, and create a brand for themselves. The key to success on YouTube is to create engaging content that resonates with the audience.
How much you can make: $13,000/month
This case study follows the journey of a young entrepreneur from Nigeria who started a profitable blog generating a monthly revenue of $1,500+ through sales of advertising space, sponsored posts, and information products, and shares his strategies for success including a Twitter growth challenge and guest post pitches.
4. Start a blog
A blog is an excellent way for physicians to share their knowledge and experience with the world. By creating a blog, physicians can generate passive income through advertising, affiliate marketing, and sponsorships. Additionally, a blog can help physicians build a community, establish themselves as experts in their field, and create a brand for themselves. However, creating a successful blog requires consistent effort, quality content, and a good marketing strategy.
In recent years, blogging has become a highly sought-after & lucrative Business. This location-independent business is a creative outlet to reach a broader audience and even work at any time. According to Optinmonster’s list of blogging statistics and facts:
- Blogs have been rated as the 5th most trustworthy source of gathering online information.
- 77% of internet users read blogs.
- Each month, approximately 409 million people view more than 20 billion pages.
Originally blogging started as an online journal, but today it is a highly profitable career option. Many people are choosing blogging as their full-time career and are earning their bread and butter from this profession.
If you want to start blogging as a side hustle or as a full-time profession, choose a niche you will enjoy writing about and have a content strategy ready. Then, create a mailing list, and decide on a good blog posting routine to keep your audience engaged.
How much you can make: $200 — $160,000/month
How much does it cost to start: $500 (?)
How long does it take to build: 37 days (?)
Time commitment per week: Min. 5 hours/week
Learn how one couple created a successful personal finance blog, The Savvy Couple, that now makes over $20,000 per month and has sold thousands of digital workbooks and courses, by focusing on purposeful content and optimizing their ROI with efficient time management.
5. Start a book writer
Physicians can write books on health-related topics and publish them on platforms like Amazon to generate passive income. With the rise of self-publishing, publishing a book has become more accessible, and physicians can leverage their expertise to create high-quality books that provide value to readers.
How much you can make: $500 — $833,333/month
Qwantify is a digital development and marketing agency that operates a Partner Program guaranteeing websites earn a minimum of $10,000 per month, and since 2016, they have grown to become a multi-million dollar per year digital development agency.
6. Start a health and wellness products
Developing and marketing health and wellness items, like skincare products, vitamins, and supplements, can be a profitable endeavor for physicians, especially since they can be sold online via e-commerce channels. Moreover, producing their own products enables physicians to guarantee their quality and offer beneficial results to consumers.
How much you can make: $3,000 — $45,200,000/month
Matt Oney quit his full-time job to pursue his side hustle full-time: an affiliate marketing-based content site called ZenmasterWellness that generates around 80k monthly visits and average monthly revenue of about $40,000 by leveraging SEO and affiliate partnerships.
7. Start a facebook group
Physicians can create a Facebook group that focuses on a specific health-related topic or niche. The group can be monetized through sponsorships, affiliate marketing, or paid memberships. Additionally, a Facebook group can help physicians build a community of like-minded individuals and provide value to its members through engaging content, discussions, and resources.
Facebook is one of the oldest and largest social networking sites out there. Facebook offers its users a Group feature where one can join a community of people with similar interests. As per statistics, around 1.8 billion people use Facebook Groups each month.
Groups allow the members to have organic discussions, post content, and share their valuable experiences & knowledge with each other. The shared knowledge helped startups, business owners, freelancers, and professionals with their social media growth, lead generation, and customer acquisition.
How much you can make: $1,000 — $600,000/month
How much does it cost to start: $1,000 (?)
How long does it take to build: 272 days (?)
Southern Elegance Candle Company, founded by D'Shawn Russell, started as a side hustle making around $200 per weekend at a local Farmers Market, but now averages approximately $20,000 per month in sales across their retail site, wholesale site, and Faire.
8. Start a productized service
By offering a specialized health-related service to individuals and corporations as a productized service, physicians can generate passive income through various payment structures such as project fees, recurring contracts, or revenue sharing agreements. Furthermore, physicians can provide a valuable service that is packaged and priced in a way that is clear and easy for clients to buy by creating a productized service.
Productized services are created when a larger service is broken down into smaller services that can be sold separately.
This makes it easier to sell the same service to multiple clients and creates an easily-marketable product. For example, a marketing agency that usually charges by the hour, instead, charges a flat monthly fee.
This business strategy works well in B2B markets, as you can sell the same value proposition to multiple clients, and give them a great return on investment.
The reason why you should start a productized service business is simple: making recurring revenue from your expertise can be very useful if you want to build a business based on passive income.
How much you can make: $200 — $1,250,000/month
How much does it cost to start: $1,750 (?)
How long does it take to build: 90 days (?)
EasySongLicensing.com grew from a mobile recording business to a bootstrapped music licensing agent, with a user base of over 60,000 clients and a gross profit of $2.5M in 2018, seeing a 30% increase in 2019, through investment in online marketing, customer service, and forming new partnerships.
9. Start a product review business
Creating a product review blog that centers on evaluating health-related products and services can be a profitable undertaking for physicians, as it can result in passive income through affiliate marketing, sponsorships, or advertising. Additionally, physicians can provide valuable guidance and recommendations to their readers, assisting them in making informed decisions about health-related products and services.
How much you can make: $2,500 — $3,500,000/month
Matt Oney quit his full-time job to pursue his side hustle full-time: an affiliate marketing-based content site called ZenmasterWellness that generates around 80k monthly visits and average monthly revenue of about $40,000 by leveraging SEO and affiliate partnerships.
10. Start an affiliate marketing business
Physicians can start an affiliate marketing business that focuses on promoting health-related products and services. Affiliate marketing can generate passive income through commission on sales generated through affiliate links.
Are you looking for a side hustle to pay you a passive income? Affiliate marketing is one of those side hustles that will pay you well over the long term. It is a way to earn money online by promoting other companies' products and services. You will be paid a commission for each sale you make as an affiliate marketer.
To get started, learn how to find the right product and brand to partner with. For example, you may prefer becoming an affiliate marketer for an eCommerce store, partnering with a manufacturer, and marketing their products for a commission.
How much you can make: $500 — $773,000/month
How much does it cost to start: $500 (?)
How long does it take to build: 55 days (?)
This case study explores how Spencer Mecham founded Buildapreneur, an affiliate marketing business, and has made over half a million dollars in profit with no employees, relying solely on content marketing through platforms like Facebook, YouTube, and TikTok.
11. Start a supplements company
Physicians can start a supplements company that focuses on creating high-quality health supplements. A supplements company can generate passive income through online sales and recurring subscriptions. Additionally, by creating a supplements company, physicians can leverage their expertise in healthcare to create products that provide real health benefits to their customers.
A supplement business makes money by selling dietary supplements, vitamins, protein powders, and health foods to customers.
These products are often sold directly to customers or through distributors and retailers.
Your target customers will likely include fitness enthusiasts, health-conscious individuals, wellness influencers, and those who prioritize their nutrition daily.
Starting a supplement brand is becoming increasingly popular because it's relatively inexpensive, and you can run the business from your home.
How much you can make: $1,000 — $3,500,000/month
How long does it take to build: 220 days (?)
A military officer turned entrepreneur built sports nutrition brand Bare Performance Nutrition from $15,000 in year one to on track to generate $6m in revenue this year, leveraging social media platforms and creating interactive, relatable and valuable content to create a community and a brand voice.
12. Start a health and wellness podcast
By creating a podcast centered around a particular health-related subject or specialty, physicians can earn passive income from sponsorships, affiliate marketing, or paid memberships. Furthermore, a podcast provides a platform for physicians to disseminate their knowledge and opinions to a larger audience, establish themselves as authorities in their field, and foster a community of individuals with similar interests.
Do you have knowledge and passion for health that you'd love to share with others? Or perhaps you are a health blogger or content creator looking for ways to expand your revenue streams? If you match these criteria, starting a health and wellness podcast host could be the perfect opportunity.
In today's world, podcasts are the new radio. Podcasting is one of the fastest-growing mediums for online audio, and it's not expected to slow down any time soon. But unlike traditional radio, podcasts are driven by content creators passionate about sharing stories with their listeners.
One of the main benefits of starting a podcast is the minimal investment needed. All you need is a computer or phone with a microphone and a way to host it online. You can even create one on your website if you want.
How much you can make: $3,600/month
How much does it cost to start: $500 (?)
How long does it take to build: 90 days (?)
Learn how a body positive nutritionist and registered dietitian grew her full-time private practice, earning $56k in her first year, through networking and getting mentorship from SCORE.
13. Start a saas product developer business
Physicians can start a software as a service (SaaS) product development business that focuses on creating healthcare-related applications. This can be a lucrative passive income stream as SaaS products generate recurring revenue through subscriptions. Additionally, creating a SaaS product allows physicians to combine their expertise in healthcare with their knowledge of technology, making it a unique and valuable offering.
SaaS product is online software that uses a license to access. With cloud computing omnipresent, starting a SaaS company is a low barrier to entry idea with exponential growth potential.
Modern users recognize the SaaS cost-saving benefits and the ability to offer project collaboration. Besides, there are multiple technologies you can use to build SaaS platforms.
To build a successful SaaS product, you need database management skills, programming language, cloud computing, design & development skills.
If you decide to build a SaaS solution, start by conducting market research and competition analysis.
Before starting the development, you must choose a good app monetization model and select an appropriate technology stack.
How much you can make: $40 — $18,933,333/month
How long does it take to build: 114 days (?)
MeetEdgar, a bootstrapped social media automation tool founded in 2014 by Laura Roeder, has grown to $4 million in annual recurring revenue and more than 5,000 customers, with a team size of two dozen, achieved through content marketing, social media marketing, and organic search.
14. Start a digital agency
Establishing a digital agency that concentrates on supplying digital marketing and advertising services to healthcare companies can be a lucrative endeavor for physicians, as it can generate passive income through different payment models, including retainer fees, a percentage of revenue generated, or commission on ad spend.
A digital agency’s task is to make a business reach its advertising, marketing, or technology-related goals. Anyone with enough knowledge and passion for digital marketing can start and run a profitable digital marketing agency. With the proper skill set, the right tools, and the right mindset, you can start a successful digital agency.
The global digital agency market reached a value of nearly $305B in 2020. The future growth prospects of the digital agency market are projected to be high due to the rising population of people consuming and creating content through digital channels.
How much you can make: $6,500 — $43,700,000/month
How much does it cost to start: $1,000 (?)
How long does it take to build: 60 days (?)
Power Move Marketing is an innovative digital marketing company founded by Hailey Brooke McFadden, which has achieved an impressive monthly income of $22,075 and is projected to make almost $300,000 in its first year, by offering a one-stop-shop for e-commerce businesses looking for a marketing powerhouse with a female positive culture.
15. Start a patient care consulting business
Physicians can leverage their expertise and knowledge to start a consulting business. As a consultant, they can provide advice, guidance, and solutions to businesses and individuals in the healthcare industry. This can be a lucrative passive income stream as consultants can charge high fees for their services.
Frequently Asked Questions
Can you build passive income as a Passive Income for Physicians?
Yes, physicians can establish passive income streams through various means, including creating and marketing health-related products, offering specialized services as a digital agency, developing product review blogs, or launching a podcast that focuses on a particular health-related topic.
How to make passive income as a Passive Income for Physicians?
Physicians can create and market health-related products, offer digital marketing services to healthcare businesses, develop product review blogs or launch a podcast focusing on a particular health-related topic to establish passive income streams. By creating products, providing specialized services or disseminating knowledge, they can generate passive income through multiple payment models.
Is passive income for a Passive Income for Physicians truly passive?
Passive income streams established by physicians may require some initial investment, time and effort, but they can be highly automated and generate income over an extended period without the need for constant attention. Therefore, while not entirely passive, they can significantly reduce the amount of active work required to maintain them.
Conclusion
Online passive income is an excellent option if you are a Physician looking for ways to make some extra money. Several options are available, and many of them can be started with little to no investment.
Do your research, find something that interests you, and get started! You may be surprised at how quickly those extra dollars start adding up. What have you got to lose?
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
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- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
