Is Business Feasible for Busy Professionals?

The LOUNGE - A Newsletter for Savvy Physicians

We scour the net, selecting the most pertinent articles for the busy doc so you don’t have to! Here’s what kept our focus this week…

• Dr. Shania Seibles, a medical and law degree holder, has become an entrepreneur by opening a MassageLuXe franchise.

• In today's competitive market, having a great idea for your business isn't enough - you need to acquire specialized skills to propel your venture forward.

• Real estate investing can be a great way to generate passive income, but what do successful investors look for in properties?

• The rise of remote work has extended its reach to the medical field, allowing physicians to work from anywhere.

• What separates the dreamers from the doers? What turns aspirations into realities? The answer isn't working harder; it’s about working smarter.

• Did you know that women will spend 25 percent more time in poor health than men?

ENTREPRENEUR SPOTLIGHT

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HAPPENING TODAY! Join our exclusive FREE masterclass where two experienced physician practice owners, Dr. Anne Truong and Dr. Mike Woo-Ming, will share the keys to taking control of your practice's profitability. In this masterclass, you'll learn how to double annual revenues, regain control of your schedule, reduce administrative headaches, and set up sustainable long-term growth. Discover the "magic button" for attracting new patients, the benefits of going cash-based, and how to increase your practice value. Dr. Truong and Dr. Woo-Ming will also share CEO strategies to free you from clinical work while boosting profit. Don't miss out on this opportunity to reimagine what's possible for your medical practice.

LOUNGE TALK

Dr. Shania Seibles, who holds both a medical and law degree, has embarked on the entrepreneurial journey of owning a MassageLuXe franchise. Her parents' perseverance and dedication to education inspired her to pursue her own big goals. After enduring grueling medical training, Dr. Seibles turned to the wellness industry for a sense of balance. Recognizing the advantages of a franchise that she did not have to run daily, she chose MassageLuXe, a brand she was familiar with as a longtime client. Driven by her love for learning, she recently opened her first MassageLuXe franchise in Georgia and hopes to eventually expand to multiple locations.

Acquiring high-income skills is crucial for entrepreneurs looking to start a successful business. Simply having a great idea is not enough in today's competitive market. High-income skills allow entrepreneurs to provide more value and earn higher compensation, giving their business a competitive edge and ensuring long-term growth. Some important high-income skills include digital marketing, copywriting, sales and negotiation, financial management, project management, and communication and networking. These skills enable entrepreneurs to establish a strong online presence, effectively sell products or services, generate revenue, make informed financial decisions, manage projects efficiently, and build strong professional relationships. Acquiring these skills not only enhances the personal value of the entrepreneur but also contributes to the performance and longevity of the business in the ever-evolving business landscape.

Real estate investing can be a lucrative way to generate passive income, but finding the right properties is crucial. Business Insider spoke with successful investors to learn about their top strategies for property acquisition. Here are three key tactics they recommend: Go for multi-family properties: Purchasing a multi-family property offers several advantages. These properties often come with an acquisition discount, allowing investors to buy multiple units at a lower price than separate condos or apartments. Select an area with high rent demand: Before investing in a particular location, it's important to assess the rental demand in the area. Look for low "days on market" when analyzing rental listings to determine if properties are filling quickly. Avoid assuming that the most expensive areas will be the best for rentals, as they may have higher rates of homeownership. Look for undervalued properties: Successful investors often seek out "ugly houses" that are undervalued and in need of renovation. By purchasing these properties below market value and making improvements, investors can increase their rental income. By following these strategies, investors can increase their chances of finding profitable properties and building a successful real estate portfolio.

Over the past decade, the ability to work remotely has become a reality for many professionals, including those in the medical field. Telemedicine and other telehealth technologies have driven this shift, allowing physicians and healthcare professionals to seek remote work and enjoy the benefits of location independence. Working remotely as a physician offers numerous advantages, such as the ability to work from anywhere with an internet connection, flexible schedules, and greater control over professional life. The rise of telemedicine has further enhanced the remote work landscape, with a significant increase in the usage of virtual telehealth solutions since the pandemic. Telemedicine offers various opportunities for physicians to earn income, including consultations, healthcare consulting, and remote medical services. Many medical specialties are well-suited for remote work through telemedicine, making it possible to deliver high-quality care remotely. Additionally, there are work-from-home job options available for physicians in telemedicine healthcare companies. Physicians interested in starting a telemedicine practice can expand their reach and continuity of care. However, there are challenges to consider, such as reliable internet access, scheduling across time zones, adapting to new environments, and navigating various medical licensing laws. Despite these challenges, working remotely as a physician opens up new possibilities for flexibility, income, and lifestyle choices.

Self-made millionaires have certain habits that set them apart from others. These habits, identified in the book "Change Your Habit, Change Your Life" by Thomas C. Corely, can transform how you approach wealth, work, and wellbeing. Some of these habits include consistent reading, regular exercise, surrounding yourself with success, commitment to volunteering, practicing dream setting, pursuing personal goals, getting adequate sleep, waking up early, generating multiple sources of income, finding and consulting mentors, helping others succeed, staying positive, not conforming, practicing good etiquette, spending time in thought, seeking feedback, and being resilient. By integrating these habits into your life, you can set yourself on the path to financial freedom and beyond.

In today's business environment, many high-income earning women struggle to balance their professional success with their health and fitness. Dr. Dianah Lake, an emergency medicine physician and wellness coach, understands these challenges and emphasizes the importance of comprehensive self-care. She believes that self-care goes beyond spa days and massages and encompasses financial, emotional, spiritual, physical, recreational, and intellectual well-being. Dr. Lake has personally experienced the transformative power of self-care and aims to empower other high-achieving women facing similar challenges. One alarming concern she highlights is the high suicide rates among female physicians, which can be attributed to long working hours, lack of prioritization of physician wellness, and the cultural prioritization of work over well-being. Dr. Lake also emphasizes the connection between financial stability and overall well-being, advocating for the integration of financial goals into holistic self-care. She addresses the specific obstacles faced by high-income earning women, particularly physicians and dentists, who struggle with time management and neglecting their health. Dr. Lake guides her clients through a self-care audit and helps them establish boundaries and prioritize effectively to achieve a sustainable balance.

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QUICK BITES

• Meet the typical millionaire: They're over 55, have a house worth nearly 7 figures, and are probably moving to Scottsdale,

• 6 strategies to protect income from taxes.

• Academic physician unhappiness: 32.6% plan to leave their institutions.

• 6 questions to ask at the midpoint of your career.

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