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Anyone who started a business in residency?

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marsupial

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If so, how did it go? What kind of business are you doing?

In medical school, I knew several guys who DJ'ed or played weddings with their band. I'm SURE there was at least one person selling marijuana, and there was someone who made and sold greeting cards at craft fairs.
 

Law2Doc

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If so, how did it go? What kind of business are you doing?

In medical school, I knew several guys who DJ'ed or played weddings with their band. I'm SURE there was at least one person selling marijuana, and there was someone who made and sold greeting cards at craft fairs.

You aren't going to have the kind of free time in residency that you have in med school. If you are going to earn money on the side and do find you have the time, moonlighting is going to be the way to go -- you are unlikely to find a more lucrative opportunity. I know some more senior folks who do physicals on folks on the side for insurance companies, and that pays well too.

Hopefully nobody is dumb enough to be selling marijuana during residency -- it seems like a foolish way to lose (or never get) your license.
 

turquoiseblue

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I recall signing residency contracts that said 'no moonlighting allowed'..does that include being involved in turnkey website businesses that generate income where you hardly do any work? would you be forced to quit?
 

Speculatrix

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I recall signing residency contracts that said 'no moonlighting allowed'..does that include being involved in turnkey website businesses that generate income where you hardly do any work? would you be forced to quit?
I don't understand why you're constantly trying to find exceptions and loopholes to everything. Every thread has been about a loophole or sketchy backdoor tactics. You sign a contract, you follow through with it or else there are repercussions. They could kick you out, but if it's as low-key / turnkey as you say, then I'm sure they will understand. Your definition of turnkey may be different from someone else's.
 

NotAProgDirector

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I recall signing residency contracts that said 'no moonlighting allowed'..does that include being involved in turnkey website businesses that generate income where you hardly do any work? would you be forced to quit?

Moonlighting is doing medical work outside of your residency. You can run any other business you want. If your performance slips during residency, blaming it on your outside interest will not work and actually backfire -- PD's will see it as a failing on your part to stretch yourself too thinly.
 

dragonfly99

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Dude, you're not going to have time during residency to have another business. If you get time off, all you're going to want to do is sleep. I disagree w/the comment above about having more time during med school though...if anything, I thought med school was WORSE than residency, as there was no end to the studying at all, and one always had to worry about grades/falling on the bad side of the bell curve.
 

DrJosephKim

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I started a few websites and did some writing and consulting during residency. That experience eventually helped me establish more websites and blogs that are now generating supplemental revenue.
 

The Red Pill

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Hi Dr. Kim, I'd like to speak with you. I'm sending you a private message with my phone number.
 

doc20

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can we teach during residency? mcat or something?
 

sam1999

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can we teach during residency? mcat or something?

Some people teach USMLE courses either solo or part of established enterprize like Prenceton Review etc. I know few people who did it. But they are PGY2 and above in their speciality.
 

Rabbit Hole

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can we teach during residency? mcat or something?
You'd probably have to get in touch with Kaplan in order to do that. If you had a high score on the MCAT they would probably be interested.. I don't know how much they pay though.
 

Rabbit Hole

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Here's a business to join:

xowii.com
They are involved in energy drinks with the antioxidant-rich (the richest so far) KonaRed coffee fruit, which is very new....newer than acai.

if you want to join, click 'enroll' and 'independent distributor'

Type in distributor number XXXXX

you basically buy $150 of energy drinks per month and keep adding more people. Eventually you break even and once more people are added you start making an income. You don't have to sell the drinks, you can just use them for yourself (or you can sell them if you wish--whatever you like). you just mainly need to add more distributors below you.

there are a few doctors that joined above me. one of them is grossing $500/week so far.
oh. my. god.
 
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notinkansas

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It's not entirely out of the realm of possibility to do some kind of business during residency. The main question is what kind. The time constraints of residency are significant, even in an "easy" specialty. No matter how many hours you work a week, you DO NOT have control of those hours.

Note that working for Kaplan and starting a business are not the same. You could theoretically work for Kaplan... but- what will you do when you are on call the same day you are scheduled to teach a class? If you aren't done with your clinical duties before class starts? You can't leave your fellow residents to finish up while you run off to teach. Being late for class won't go over well, either. Q3 or Q4 call makes it almost impossible to be somewhere every Tuesday at 6:30 pm for 12 weeks.

If you are going to make money by trading your time for money (ie working for an hourly rate) you are probably better off looking into moonlighting options.

Some business are amenable to working around hours of residency. Like the blogging that Dr Kim described. From what I understand (I'm looking into this idea myself) though, blogging takes several years to develop any real revenue from, and that is with a lot of effort.

Other businesses, especially web based ones, could be doable. For example, if you know now to design web sites you could do that on the side.

I know I will get flamed for this but MLM is a legitimate business model. Yes, a most people who join don't make much money because they get discouraged and quit. You have to have thick skin to succeed and become very tolerant of hearing "No" as well as having people put you down while you are working on it. It's simple but not easy to keep plugging away at. There are tons of opportunities. If you can find one that has a product you like and would use anyway, that is an option, as it is totally flexible. Plus you get to be around positive people, which is a nice contrast to the constant negativity in medicine.

Whatever you do, realize that your residency is your first priority. Time in residency isn't just physical time spent in clinic/hospital. You also have to spend time outside of those hours reading/studying, preparing presentations, etc. Most specialties have an annual in service exam. And you will need to read up on the conditions your patients have. Plus you'll have to do some presentations: type and frequency vary with specialty and program. Plan on at least a couple hours a week outside your clinical duties for this.
 

Pickyournose

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I sold things on ebay but only sold about $100 worth of stuff over 5 years. I also read the financial websites and bought a few shares of Genentech, which was recently taken over by Roche at $95/share. Too bad I couldn't afford 10,000 shares
 
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