The Business-Minded Doctor: Why It's Time to Think Differently About Yourself

As a doctor, you’re trained to be an exceptional healer, focusing solely on the practice of medicine. However, with healthcare increasingly corporatized, you may find yourself not only as a caregiver but also as a professional working within complex systems that prioritize profits over patient care. It's no surprise that many physicians, including you, experience burnout, frustration, and a sense of helplessness.

Despite these challenges, you may not have considered adopting a business mindset or forming your own micro-corporation as a path to professional freedom. For many, the idea of “being a business” feels daunting and unfamiliar. But by stepping into the entrepreneurial space, you can regain control over how you practice medicine, improve your work-life balance, and secure your financial future.

In this post, we’ll explore the most common limiting mindsets that might be holding you back from viewing yourself as a business. We’ll also discuss how embracing the concept of a micro-corporation can empower you to thrive in today’s healthcare marketplace.

For many doctors the biggest obstacle to finding freedom in the marketplace is found within yourself— your limiting beliefs and mindsets about viewing yourself as a micro-business.

It’s my hope at SimpliMD that I can inspire you to eliminate these self-imposed limits, and then provide you with the resources needed to grow your micro-business identity and competency.

In the spirit of the new year, I hope this post helps you make some mindset resolutions that lead to your best life!

The Limiting Mindsets Holding You Back

1. “I’m a Doctor, Not a Businessperson”

You might believe that being a doctor and being a businessperson are mutually exclusive. Medical school taught you how to diagnose, treat, and care for patients, but it likely didn’t prepare you for the business side of medicine. This can create the misconception that you can’t or shouldn’t run your own business.

In reality, these two roles can complement each other. Just as you mastered complex medical procedures, you can also learn the essentials of business management. A micro-corporation allows you to focus on your clinical expertise while building the necessary business skills to manage and grow your “business of one”. Tools, resources, and expert guidance from platforms like SimpliMD can make this transition smoother and more achievable than you might imagine. You don’t need an MBA to do this, you just need practical business knowledge and some coaching.

Read more here: I'm Not A Businessman, I'm A Business, Man

2. “Running a Business Is Too Risky”

You may feel hesitant to leave the safety net of traditional employment, fearing that running your own business would be too financially risky. Doctors are trained to minimize risk for their patients, and this mindset often carries over into your career decisions.

But the healthcare marketplace is evolving, and the complexities of running a private practice is not your only option to be independent now days.

With job stacking, telehealth, locum tenens, and other flexible employment models, you can create multiple income streams as an independent contractor, reducing the financial risk of self-employment. Micro-corporations also offer significant tax benefits, legal protections, and opportunities for income diversification. With the right business plan and strategy, the risk may be far lower than you imagine.

The demand for your professional services are going no-where but up and simultaneously the location independent jobs are also expending. This combination means as long as you have a computer and internet access, you can pretty much generate micro-corporation revenue from anywhere. That’s hardly a high risk business.

3. “I Don’t Have Time to Run a Business”

You may already feel overwhelmed by the demands of your current role and can’t imagine adding “business owner” to your list of responsibilities. Running a business might seem like an extensive time commitment that could exacerbate your burnout.

While starting a micro-corporation does require upfront effort, owning a business doesn’t mean you have to do everything yourself. By leveraging virtual assistants, technology, and developing a micro-business professional support team (lawyer, CPA, and wealth manager), you can automate much of the administrative work. This frees up your time to focus on patient care. In fact, creating a business structure that works for you can give you more control over your schedule and improve your work-life balance in the long run.

4. “I Don’t Know Enough About Business”

It’s easy to feel overwhelmed by the financial, legal, and operational aspects of running a business—especially if these topics weren’t part of your formal education. You may believe you don’t have the business expertise to succeed without an MBA or years of experience.

However, you don’t need an MBA to operate a successful micro-corporation. Practical business knowledge is more valuable than theoretical concepts, and platforms like SimpliMD offer the education and tools you need to navigate the business landscape. From crafting a solid business plan to managing expenses and optimizing operations, you can quickly acquire the skills necessary to succeed.

5. “The Corporatization of Medicine Is Inevitable”

It's important to be wary of feeling resigned to the increasing corporatization of medicine, as this belief that you must comply with and fall under the control of large healthcare systems and insurance companies can be limiting. Such a defeatist mindset might hinder you from exploring alternatives that could provide greater autonomy.

While the corporatization of medicine is a reality, it doesn’t have to be inevitable for you. By forming a micro-corporation, you can opt out of third-party interference and create a practice that operates in a cash-based marketplace. This allows you to work directly with patients, free from the bureaucracy of insurance companies, hospital systems, and other corporate entities.

Shifting from Limiting Beliefs to Empowered Action

You are uniquely equipped to succeed in the business world. The same qualities that make you an excellent doctor—problem-solving, intelligence, love for learning, critical thinking, empathy, and perseverance—are the same qualities that will make you an excellent entrepreneur.

SimpliMD is dedicated to helping doctors like you overcome limiting beliefs and transition into the marketplace as self-employed professionals. With our guidance, you can create a micro-corporation that not only meets your clinical goals but also provides financial security and personal fulfillment.

The Path to Becoming a Micro-Corporation: Practical Steps

Ready to make the shift from traditional employment to empowered self-employment? Here are some actionable steps you can take:

1. Create a Business Plan

Every successful business starts with a solid plan. SimpliMD offers a Business Plan Bundle designed specifically for self-employed physicians like you. This comprehensive package includes:

• A SimpliMD Business Plan Template crafted for doctors entering the marketplace.

• A Micro-Corporation Budget Template to streamline your financial planning and save you hours of time.

• A SWOT Analysis Template to help you assess your strengths, weaknesses, opportunities, and threats, optimizing your business strategy.

2. Form Your Micro-Corporation

You don’t need a complex business structure to take control of your practice.My course, “Creating A Practice Without Walls,” teaches you step-by-step how to form a micro-corporation that gives you agency in the marketplace. You’ll learn how to create a location-independent practice, embrace telehealth, and unlock the full potential of self-employment.

3. Consult with a Business Mentor

At SimpliMD, we believe that you deserve personalized guidance when entering the business world. That’s why we’re offering a personalized micro-business consult for only $99. This one-on-one session with a seasoned business coach will help you craft a tailored strategy for launching your micro-corporation. Plus, this consultation comes with a one-year SimpliMD membership worth $2500, giving you access to invaluable business products and support.

4. Take Control of Your Time and Income

One of the biggest benefits of owning a micro-corporation is the ability to take control of your schedule and your income. With SimpliMD’s support, you can explore flexible employment opportunities like telehealth, legal consulting, and locum tenens, ensuring you have multiple streams of income without overburdening yourself.

Conclusion

It’s time for you to break free from limiting beliefs and embrace the full potential of self-employment. By viewing yourself as a business and forming a micro-corporation, you can regain control over your career, improve your work-life balance, and build a financially secure future.

• Book your personalized micro-business consult today for only $99 and receive a one-year SimpliMD membership worth $2500 in business products.

• Enroll in our “Creating A Practice Without Walls” course to learn how to create a micro-corporation that gives you agency in the marketplace.

• Get our SimpliMD Business Plan Product, which includes a tailored business plan, a micro-corporation budget template, and a SWOT analysis template to save you time and help you succeed.