How to be a lifestyle solopreneur

If you are a clinician or healthcare professional interested in supplementing your income, but are either unwilling or unable to quit your day job or play in the bigs, i.e create or work for a startup, a scaleup a grown up company or create your own, then you should consider creating your own lifestyle business. Maybe you do it by choice and maybe by chance when your white coat gets the pink slip or you tell your boss to take this white coat and shove it.

Here are almost 50 side business ideas to leave your sickcare lover.

A lifestyle business is a passion-centered company that generates enough profit to allow an entrepreneur to work and live from anywhere, earning an income on their own terms.

Life style businessess vary and generate incomes of as much, or even more ,than 1 million dollars a year. The U.S. Census Bureau groups these businesses under the rubric of nonemployer firms—businesses with zero employees on payroll. Many do have help of some sort and use contractors, automation and outsourcing to get more done than one person can usually accomplish.

Some call creating a business , either with or without employees, as hybrid entrepreneurship. I created my second career as a medtech/digital health entrepreneur while I had a full time job as an academic surgeon. I created my third career as a consultant, advisor and CEO of a not for profit during my second career. I guess that makes me a serial hybrid solopreneur. Here are the advantages.

Here is how to create a lifestyle solo, no-employees, work- from- anywhere business:

1. Create the right business entity and rent, buy or outsource the tools of the trade
2. Build you personal brand and business model canvas
3. Take advantage of the benefits of being a solopreneur
4. Follow the 10/20/30 plan
5. Here are some ideas on how to bootstrap your idea
6. Have a strategic marketing and engagment communications plan
7. Decide whether you should not be a lifestyle solopreneur
8. Follow these steps to be a top tier life science advisor or consultant
9. Stick to your revenue model
10. Learn how to be a compensated connector
11. Make it personal but don't take it personally
12. Periodically prune. Remember why you are doing this in the first place.

The press is filled with all the business unicorn mythologies. According to data compiled by Fundable, only 0.91 percent of startups are funded by angel investors, while a measly?0.05 percent?are funded by VCs. In contrast, 57 percent of startups are funded by personal loans and credit, while 38 percent receive funding from family and friends.

If you don't like those odds, try lifestyle solopreneurship. I mean, how much money do you really need to be happy? Globally, this study found that the ideal income point for an individual is $95,000 for life satisfaction and?between $60,000 to $75,000?for emotional well-being. In North America, the individual income level for life satisfaction was found to be $105,000 per year.

Good luck and see you on the beach.

Arlen Meyers, MD, MBA is the President and CEO of the Society of Physician Entrepreneurs