I have good news. I recently experienced one of the end goals of starting a business… Selling it! Yes, that is right, I sold my telemedicine practice! Closing was last week, so now I am telemedicine practiceless… Time to start another!
So, as many of you know, I owned a transgender telemedicine practice. I started this about one year ago. It was completely experimental, and it laid the foundation to developing my telemedicine knowledge, and ultimately, the telemedicine course. Everything I did, learned, and made mistakes on, formed the foundational knowledge that I needed to create and expand my telemedicine practice and the course. Regardless, it was a fun and educational ride over the past year!
This practice solely focused on providing transgender HRT via telemedicine. I was one of the pioneers in developing this telemedicine service line, I had little competition. Unfortunately, a lot of players have come to the table and copied what I did, even down to my ad copy. I don’t blame them; it is a great niche market… What set me apart from them though, was who I was marketing to. I found a great target market within the transgender community and this ultimately propelled the accelerated success of the telemedicine practice. That and COVID…
Listen, COVID has changed the face of how medical services are being delivered. Like it or not, but telemedicine is here to stay, and it fueled the success of my telemedicine practice. If you are not contemplating offering telemedicine services in your practice, you are a fool… Everyone should be integrating telemedicine into their practices. More to come about that in a future article.
Anyways, within the last year, my telemedicine practice went from generating $1,000 in revenue the first month to almost $20,000 in revenue the last month I owned it. This caught the attention of an investor. I was approached, out of nowhere, from this individual who wanted to purchase my practice. After some back and forth over a month of negotiation, we finally settled on a mutually beneficial sale price. I am not at liberty to say how much I sold the practice for, but I made a very healthy 800% profit on my initial investment. NOTHING BEATS THAT. Kiss my ass stock market….
So, why did I sell this seemingly healthy and profitable practice? Because the opportunity presented itself, and to be honest, providing transgender medical services is not my passion (not like EliteNP, THIS IS MY PASSION).
I saw an opportunity and delivered it to the consumer. This is what you need to be doing when you create your niche side practice:
Identify a problem and need within a specific target market… Figure out how to deliver a solution to that problem and need… and profit. It is that simple.
Another reason I sold my telemedicine practice is because one of the ultimate goals of owning a business is to eventually sell it. That is a way to become massively financially independent very quickly. Did the sale price of this practice make me financially independent? Hah… not even close, but it provides me more fuel for the fire in my pursuit of financial independence. It takes money to make money, nothing is further from the truth than that.
When you are building your practice, always keep the thought of selling it in the back of your mind. This will motivate you to make it as successful and profitable as you can. Let’s face it, no one is going to buy a non-profitable practice, it is not going to happen. This is why it is imperative you follow the advice within this blog, read business related books, and educate yourself as much as possible on how to build a profitable business.
Many of you are thinking “I don’t want to ever sell my practice, I love what I do!” and that is FANTASTIC! But there might be a time when you want to focus more on your family, hobbies, and other interests. You need money to do this… you can’t change how the world works.
There are a handful of ways to reach financial independence, and selling your business is one of the fastest ways to get there. Therefore, if your goal is financial independence and freedom, then let the eventual future sale keep that fire alive within you!
It is one of the goals that keeps my fire burning. I know of multiple business owners, and even NPs, who have sold their business and/or practice in the past. Some of these people made MILLIONS selling their practice, while others made a healthy six figure profit that allowed them to then build another, more successful business, that then helped them achieve financial independence.
The goal of this post is not to brag, the goal of this post is to enlighten you of what is possible through smart and hard work.
Working for someone else will never result in the financial reward that owning a business can produce.
It just won’t.
Investing in your 401k and IRA every year will not result in the type of financial reward that selling a business will produce.
It just won’t.
Going to work Monday through Friday, grinding out 30-40 patients a day, and being ordered around by your boss or supervising physician will not result in the type of freedom that owning and selling a business can produce.
It just won’t.
Selling this practice has added more fuel to my fire, and it is exactly what I needed as I open my second men’s health practice. I am not going to lie; I was getting tired… Now I am more motivated than ever.
I hope that I have added a little fuel to your fire through this post. My job has been accomplished if just one NP reading this is now motivated to get out there and start their own side practice.
Now, continue busting your ass, keep building that practice, never give up, and keep your eye on the prize: financial independence and making an impactful difference on the world. Only YOU will be able to change the trajectory of your life.