Start Receiving Our Blog In Your In-Box Regularly

Providing content that inspires and informs doctors on how to thrive as micro-corporations!

Doctorpreneurs: Lessons from Hollywood's Side Hustle Success

Jan 30, 2025

In the glitzy, glamorous world of Hollywood, it’s a delightful spectacle to witness stars such as Selena Gomez and Ryan Reynolds take their dazzling fame and magically transform it into flourishing side businesses. Take Selena Gomez, for instance—her sensational beauty brand, Rare Beauty, has catapulted her to billionaire status. Meanwhile, Ryan Reynolds's iconic Aviation Gin has become a beloved staple in households across the globe, bringing joy to many with its smooth taste.

Now, why should you—yes, you!—a dedicated doctor with a passion for healing hearts and mending bones, pay attention to this sparkling trend? The answer is as bright as the Hollywood Walk of Fame: you are already a micro-business in your own right! Just like these stars on screen turn heads with their entrepreneurial ventures, your medical practice serves as your personal stage where you showcase your expertise. Your impressive income is not just for everyday expenses; it can also act as the capital that plants the seeds for scalable ventures that could grow beyond imagination. So dream big and let your practice be merely the prologue to an exciting saga of business success!

Lessons from Hollywood Entrepreneurs

At the Golden Globes, Nikki Glaser quipped that the point of making art isn’t to win awards but to launch a tequila brand. While meant in jest, her words reflect a growing trend among celebrities: turning their personal brands into scalable businesses. The New York Times highlights how stars like Jessica Alba and Dwayne "The Rock" Johnson have ventured into diapers, tequila, and beyond, leveraging their fame to create enduring income streams.

As Bruno Maglione from IMG notes, "Roles might dry up, but a successful brand can outlast someone’s good looks or the buzz they earned from their last prize nomination." Doctors can’t rely solely on their ability to see patients forever. Physical or mental burnout, changes in the healthcare landscape, or personal goals may lead you to seek new revenue streams.

Why You Should Diversify Your Income

Like entertainers who captivate audiences with their performances, doctors are experts in a field that isn't easily scalable. Their income is intricately tied to their physical presence in the office, hospital, or clinic. When you’re not actively seeing patients or performing procedures, the revenue stream comes to a halt as if someone pressed pause on a beloved show. Now imagine businesses like Rare Beauty or Honest Company—they're like magical enterprises that continue to thrive and expand even when their founders aren't directly involved in every detail. These businesses have the enchanting ability to operate and scale independently, growing and flourishing much like a plant reaching toward the sun, all while their creators can step back and watch their dreams blossom into reality.

The Benefits of Side Hustles for Doctors

  1. Financial Resilience: Just as actors navigate the thrilling yet unpredictable waves of industry shifts, doctors too find themselves riding a rollercoaster of changes, such as reimbursement cuts and the ever-growing pile of administrative duties. In this dynamic landscape, having a side business can be like finding a golden ticket to financial security and peace of mind. It offers not just an economic safety net but also injects an exciting sense of creativity and adventure into their professional lives. Imagine having your own little venture that not only supports you during turbulent times but also adds a splash of joy and fulfillment to your career journey!

  2. Scalability: Imagine the joy of knowing that even though you can personally attend to only a limited number of patients, your business has the potential to flourish and expand without needing your constant attention. It's like planting a garden that continues to bloom with vibrant colors and life, even when you're not there to water each plant individually. This kind of growth brings a delightful sense of freedom and satisfaction, allowing you to focus on what truly matters while your enterprise thrives in the background.

  3. Work-Life Balance:Having an additional income stream is like discovering a hidden treasure chest that opens up a world of possibilities! It can grant you the delightful freedom to reduce those demanding clinical hours, giving you the precious gift of time to focus on what truly lights up your soul. Imagine spending more moments with loved ones, pursuing hobbies you've always been passionate about, or even embarking on new adventures that bring joy and fulfillment to your life. The extra financial cushion provides not just stability but also the exhilarating opportunity to align your daily routine with what genuinely matters most to you, infusing each day with happiness and purpose..

Building Scalable Businesses: Start with Your Passion

Celebrities such as the ever-charming Blake Lively and the radiant Jessica Alba didn’t just leap blindly into the business world; instead, they skillfully discovered niches that beautifully resonated with their personal values and passions. This thoughtful approach has allowed them to not only succeed but also enjoy what they do. As a doctor, you too can embark on a similar delightful journey of exploration and discovery! Just imagine finding that perfect intersection where your medical expertise meets your unique interests, creating something truly special. Here are some exciting areas to consider as you set out on this joyful adventure:

Health and Wellness Products

Your expertise gives you a competitive edge. Develop products or services that address gaps in the market. For example, a line of supplements or fitness tools tailored to specific patient needs.

Online Courses and Coaching

Share your knowledge with other healthcare professionals or the general public. Topics might include managing chronic illnesses, navigating the healthcare system, or even starting a medical micro-business.

Real Estate Investments

Many doctors have successfully ventured into real estate, whether short-term rentals or commercial properties. These investments can offer passive income with significant tax advantages.

Medical Devices and Technology

Use your clinical insights to innovate. Just as I’ve done with ChatRx—an AI-powered medical device for telemedicine treatment of 35 acute infection. There are a many ways that you could address specific healthcare challenges through technology.

Learn from Celebrity Strategies

The stars, as dazzling as they are, don't shine all on their own! Take Selena Gomez, for example—she launched Rare Beauty hand-in-hand with some of the industry's most experienced veterans by her side. Meanwhile, Jessica Alba didn't go it alone either; she joined forces with savvy entrepreneurs to bring her vision to life. Just like these shining examples from the celebrity world, if you're a doctor looking to embark on new ventures, why not gather your own team of experts? Imagine the joy and success that come from collaborating with professionals who can guide you through each step of your exciting journey!

In my humble opinion, one of the most often overlooked opportunities for doctors venturing into the world of micro-businesses is creating their own business team. It's a common misstep that can be easily avoided! Imagine the joy and excitement of assembling a group of diverse talents, each bringing their unique skills to the table. It's like orchestrating a harmonious symphony, where every member plays an essential part in helping your practice not just thrive but flourish in the bustling marketplace. With the right team by your side, you can transform challenges into successes and make every day a fun adventure in entrepreneurship!

Read More: Build Your Support Team to Empower Your Micro-Corporation

Key Members of Your Business Team

  1. Lawyer: Ensure your business is legally compliant and organized tax efficiently.

  2. Tax Professional: Maximize deductions and ensure proper financial management.

  3. Wealth Manager: Plan for long-term financial growth and deploy wealth accumulation strategies.

  4. Business Coach: Receive guidance tailored to your goals. (Pro tip: SimpliMD offers a $2,000 coaching package for doctors starting or growing their businesses.)

Navigating Risks and Rewards

Not all celebrity ventures achieve the glittering success one might expect. For instance, Kristen Bell and Dax Shepard's foray into the diaper industry ended in bankruptcy, while Blake Lively’s ambitious attempt at launching a hair-care line didn’t quite hit the mark. These examples remind us that even stars aren't immune to business challenges. Still, there's something wonderfully exciting about taking calculated risks—the kind that can lead to tremendous rewards if played right!

By starting on a small scale and dipping your toes in before diving headfirst into entrepreneurship, you can cleverly minimize financial exposure while gaining invaluable insights and experience. And here's where it gets even better—one of the perks of being a doctor or an entertainer is having a strong safety net to fall back on. Even if your secondary business ventures don’t take off as planned, you always have your high-income professional services waiting in the wings. Whether you're healing patients or entertaining audiences, these reliable careers are perpetually in demand, providing both stability and peace of mind as you explore new horizons!.

The Road Ahead: Take Action Today

It’s time to channel your inner celebrity and think beyond the exam room. Here’s how SimpliMD can help:

Conclusion

Doctors, like entertainers, possess unique platforms that can launch scalable businesses. Your medical career is just the beginning. Take inspiration from Hollywood’s entrepreneurial spirit and create a legacy that extends beyond your personal services. Start small, dream big, and let SimpliMD guide you every step of the way.