If you're a physician in your 30's, I cannot emphasize enough the importance of having other sources of revenue.
If that's you, this post is your answer.
There are 3 main categories of online side-gigs
While not every side-gig is an online side-gig, I recommend them over brick-and-mortar businesses for several reasons.
- They're less expensive to start – often free.
- They're much more scalable – create once and sell over and over.
- You can be up and running much faster – this same evening.
- You don't require equipment beyond what you already have.
Here are the 3 main categories of online side-gigs:
1. Digital Products
Digital products range from simple pdf checklists to an entire online course.
Amongst their many advantages, is the fact you only create the resource once, and you can sell it an infinite number of times. There is no cost for creating as many digital copies as you want, the cost for storage is negligible, and you only pay for distribution and payment processing when a sale is made.
Platforms like Gumroad allow you to set up a digital storefront in minutes and they only take a commission when a sale is made.
2. Online Services
The most common online services are coaching and consulting.
While the costs of offering online services are also very low (even free), they're not as scalable as digital products. In this category you're limited by the amount of time you have available. Which means you're still exchanging time for money.
3. Affiliate Marketing
In affiliate marketing you make money by recommending other people's products and services.
This is how most YouTubers and influencers make their money. But, as you can see from their channels, creating good quality, entertaining, and engaging content is a full time job.
Ok but… Which is the best one to begin with?
Here's where I would start today as a practicing physician.
Without a doubt, I would start with coaching services.
"But didn't you just say they are not scalable and you're still exchanging time for money?"
Yes, I did. And both of those things are true. However, when you're starting out, you need 2 things:
- To make some money, and
- To know your audience (and their problems) better.
Coaching solves both of those.
Not only that, you can start offering coaching services right now based on what you already are an expert in. You don't need to write an ebook, put together a curriculum, record videos for a course, hire a designer, etcetera. Simply reach out to a few people you can help and offer to help them.
And as soon as one of them says yes, you're in business!