#136 3 Keys to Successfully starting a Business

Welcome to the Passive Income MD Podcast where we talk about creating your ideal life through multiple streams of income. I'm your host, Peter Kim. If you enjoy hearing about this stuff, make sure to hit subscribe so I can bring it to you every week. Now let's get on with the show. Hey everyone, hope you're having a great week. This week we're going to be talking about the three keys to successfully starting a physician led business. Now more than ever, physicians are turning to side hustles and starting their own businesses. I think that's a great thing. Between increasing burnout rates, decreasing reimbursements, changing environment of medicine, restrictive regulations, I think now is the perfect time to start a business or at least start thinking about it as a physician. If you've seen the value of of starting a side hustle or even a full blown business, then you just gotta get started. I know it's easier said than done, but just getting started is the first step. Now I know there are a ton of nitty gritty details in the way you might get bogged down and how do I start a business? How do I start the structure, how do I start the marketing? How do I let people know? Well, I found that the way to actually get started is to have about three things in mind and to start there when starting your businesses, like let's talk about them. Number one, make sure you seek advice. You don't have to do this all on your own. And what I mean is not just hiring employers or contractors, but there are people who have done this, been there. There's no reason to recreate the wheel. There are other people that have the wisdom that can give you the guidance to help you where you want to be. From the moment you get that idea or that urge to start a business, find a community of people who are doing this. You're going to get people who have run businesses similar to yours, maybe a little bit different from yours, but they have so much wisdom there that they can help guide you. The beginning of this process. This can be as simple as having a few conversations with some of those people asking how they got started in their businesses. This will definitely give you a jumpstart to get you there faster than you would on your own. Even better. Now we don't even need to meet people live. We have communities online through Facebook groups, paid memberships, whatever it might be. There are ways to reach people who are like minded, that are just like you, willing to give you the help and support that you need. For example, we have our own groups Passive income docs, we have our leverage and growth accelerator. Again, these are communities online that are created to really give people place, to share resources, to share ideas, to give support and encourage each other. Because many of us know that as physician entrepreneurs, many people might look at us kind of funny. Not everyone is looking to do this, but those that are have a different mindset. They want to know how to achieve more, to grow more, to try new things. And it helps to have other people who think the same. The point is, find somebody who's already where you want to be, Maybe people who are ultimately where you want to be, seek advice, reach out, and really find those shortcuts to help get you and accelerate to help you get you where you want to be. I mean, you might even find shortcuts to success. Just having those conversations might motivate and inspire you and show you that there are different paths to help you get to the next level. Number two, write down your goals and the reason or the purpose in actually trying to achieve those goals. Again, this might seem so simple and trite, but most people don't even write these things down. They don't even take time to to think about what they want to achieve and why they want to achieve it. And the reason to write it down is not just to keep inventory of it. It's to take the abstract, take all your ideas and crystallize it into something that's useful, something that you can look at and create actionable steps out of. As you start writing these down and start making it really specific and achievable, and you can really measure these things and you want to figure out when you want to get there. The next thing you have to do is figure out why you want to achieve these things. I bet you many of us when we became doctors, we had to find out a purpose because it wasn't easy. We spent countless hours, we sacrificed a decade of our lives to get where we wanted to be. If we weren't crystal clear on why we wanted to achieve these things, what our ultimate goal was, we wouldn't make it. The motivation and inspiration wouldn't be there. So I find when it comes to starting your own business, the thing you really need to do is get crystal clear on why you want to do that, what you're trying to achieve, who you're trying to achieve it for, and what your purpose and mission is. It doesn't matter how small it is. Maybe it's you want to have an extraordinary life without regrets. Maybe it's you want to spend as much time with your family as possible. You want to show your children what's possible. These are all things that will help you when times are tough, when it seems like there's a big challenge, when things aren't going the way you want. These are the things that you'll look at with your goals and your purpose that will help you drive through those obstacles and hurdles. And yes, you've got to come up with good strategies, you've got to come up with good action. But number three, I'd say the next thing to do is keep your eyes on the prize. I mean, this point obviously goes hand in hand with the last one about having your goals and your purpose. A lot of people write those things down, which is a huge step, but they don't actually look at it. Again, if you have a journal, it's something that you want to look at daily or at least weekly. I have a bunch of set of goals. Some people have these things called vision boards. I have something where I've written out, actually printed out and framed, and I have it by my bedstand. It's something I look at almost every night before I go to bed. As you keep these things top of mind and you start thinking about these things, you'll start seeing things out in the world that will ultimately help you get where you want to be. I don't know about you. If you've thought about getting a certain car, you thought about that car, and next thing you know, you notice it everywhere, or a certain piece of clothing, you notice it is everywhere out there. Your brain and your mind has a way of finding these things. Focusing on it and ultimately will help you take the right actions to get towards those goals. Then these actions tend to build upon one another. Then you start to get nicer results. And as you start to get nicer results, you're going to start to believe that these things can happen. And, and this is how momentum is created. Once you've got that momentum in the right direction, building that business, getting results, doing well will all seem a lot easier once the ball is rolling. But yes, there'll be times when you don't feel motivated, when it doesn't seem like things are moving, the needle isn't moving, you're trying so hard, you're not getting the results that you wanted. Well, that's when you need that community again to help support you. But keeping your eyes on the prize, to kind of keep looking at that, to refreshing that over and over again, will put things in your mind to help you get there Remember, we get to choose the life that we want. For many of us, once we've completed our training, our medical school, we just kind of try to survive. We don't have that next goal to set. Well, when it comes to starting your own business or side venture or side hustle, whatever it might be, it's absolutely important to be intentional about how you want to spend your time, energy, your money to help you achieve the results that you want. Now I will tell you that we have awesome communities of people that are looking for more that looking for more growth, contribution fulfillment in their lives. We've got the Leverage and Growth summit that we do every year that's gonna happen next spring. Not sure when you're watching this, but look out for that. We also got our amazing Facebook groups that are focused around helping people and supporting people, whether it comes to real estate or entrepreneurship. And we love having people as part of this community. If we can help and support you in any way, please let us know. Have an amazing week and let's talk again soon. Bye. Enjoy the show. Let me know by dropping a review in the podcast app you're listening to us in. And if you haven't already, make sure to hit subscribe. Are you part of our community yet? Join thousands of physicians who are also on this journey to creating their ideal lives through multiple streams of income. You can join us on our Facebook group PassiveIncome Docs and you can always learn more at our website, passiveincomemd.com thanks again for allowing me to be a part of your journey. See you next time.