Too many people focus on just one business or practice. They get tied up and engulfed in this one business. Usually, entrepreneurs with one business are going to be more stressed than the entrepreneur who has 3-4 businesses. This is because the person with 3-4 part-time businesses knows that if one fails, they have the others as back up. If you want stress and uncertainty in your life, stop reading this article.
I advocate having multiple part-time businesses for this reason. It is a hedge against uncertainty. What are the chances of 3-4 businesses closing at once versus just one? Practically zero. Therefore, focus on multiple side hustles. It is foundational to the Elite Nurse Practitioner Model.
The nurse practitioner who owns multiple side businesses is one that is financially diverse. This nurse practitioner is not scared of what the future holds, because they know they always have multiple income streams coming in. How many people in this country can say that? Very few.
You are likely asking yourself “Dude, I don’t even have one business and you are telling me to open 3 or 4 of them?!” YES! I am telling you to start 3-4 part-time businesses. But you are going to create one at a time over a period of 2-3 years while working your job to cover living expenses. This is a core principle of the Elite Nurse Practitioner model.
If you started all these businesses at once, it would fail. You must learn from your first business. This is where you are going to make many mistakes so that by the time you start business number 3 you will be able to do so with ease and confidence.
I started my telemedicine practice in 1 month. We started seeing patients by week 6 of its inception. It was on autopilot after 3 months. I now spend 1-2 hours a week on it because I have outsourced much of the work to other nurse practitioners. It is great, but that would have been impossible if it had been my first business.
To get started, build that first business and perfect it. It takes time to build a business. You can expect at least 12 months to go by before that business is running smoothly. That is the time you start another niche side business. Now, use your profits from business number 1 to fund business number 2. You should spend no personal money on your businesses EVER after your first one. Then after another 6-12 months while business 1 is on autopilot, and business number 2 switches to autopilot, start business number 3 with the profits of the first 2 businesses!
Business number 3 now can be more upscale because your other 2 businesses are overflowing with cash. A VERY GOOD PROBLEM TO HAVE. Business number 3 is when you hire other people to do the work. You just sit back and “manage” it.
It is at this point when you decide to either stop working your full-time job and focus on all 3 businesses or let them be stagnant and enjoy the side money. If the side money is enough to cover your living expenses and you are happy, then quit your full-time job and enjoy the money and free time. If your goal is to retire early though, you will need to drop from full-time work to part-time work to cover living expenses while investing all your side business profits into your retirement. You could potentially retire in 10 years.
Maintaining a part-time job as a nurse practitioner while having multiple side businesses is the most optimal strategy in my opinion. You should be making anywhere from $60,000-$90,000 a year with a part-time job, which will afford you a very secure and nice lifestyle. Ensure that this job is something that can be done in a couple 12 hour shifts a week such as the emergency department or an urgent care. That way you can spend the other days out of the week working on your business.
When you have a part-time job to live off of, it decreases the amount of stress associated with your business significantly. If it fails, oh well… You’re not declaring bankruptcy and stressing about how you’re going to pay your personal bills. It also allows you to take more risks and venture into more niche markets.
When you have multiple part-time businesses generating monthly revenue, it allows them to cover a lot of your expenses which then increases your personal savings 2-fold. You might not be paying yourself a salary from one of your side businesses, but that 1 business pays for your company car, cell phone and 2-3 “business” trip/vacations a year, while your other business allows you to invest $50,000 a year into a self-directed 401k. See where I am going with this? You are using pre-tax business revenue to legally enhance your life. The legal tax advantages are numerous. You must understand how to save on taxes utilizing your business.
You would never be able to take advantage of the tax savings working a standard W2 position like you can when you own your own business. Especially when you own 3! So, continue working a full-time to part-time job, pay your taxes and personal expenses through your job, and then enjoy the multitude of benefits those side hustles produce!