BootstrapMD - Physician Entrepreneurs Podcast with Dr. Mike Woo-Ming

We all make mistakes!  Not an earth-shattering statement, but as a veteran entrepreneur, I’ve noticed the same problems come up repeatedly, that can often make the difference between success and failure of your business.  By the end of today’s episode, you’ll learn some tendencies that I often see with doctors (including myself),  in hopes you won’t make the same mistake. 

I also take a moment to reflect on an individual whose sudden death shocked the business and tech world, while his actions and teachings inspired me to become a better entrepreneur.

If you are a subscriber to the podcast, you know I’ve been a long time advocate of adding as many sustainable income streams you can to generate wealth for physicians.  Focus your attention on owning as many income building assets that you can. Certainly starting a side business is one of my favorites, but admittedly entrepreneurship isn’t everybody’s cup of tea. It takes time, hard work, and dedication. 

Well, the strategy shared on this episode is the exact opposite!  After completing as little as 15-30 minutes of research, you could be well on your way using the power of compounding to generate a path to financial freedom for you and your family.  You will also learn my five rules to minimize risk and increase your chance of success with this very powerful passive income method.

DocStocks - Stock Trading Facebook Group for Physicians
https://www.facebook.com/groups/docstocks

Open an account with RobinHood and get FREE STOCK (see details):

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Open an account with Webull and get 2 FREE STOCKS (see details):

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From the Archives!

Did you know BootstrapMD wasn’t my first podcast?

Years ago, I co-hosted a podcast entitled The Internet Income Show, with my good friend and entrepreneur whiz Eric Louviere.

It was a show devoted to a general audience on building a successful internet business. And it just goes to show you, no matter how things change online, some things remain the same.  I thought it would be fun to share some of these recordings, and there are some really good nuggets of information that I hope will get you in the mindset of taking that side gig into a full fledged business. 

Board-certified plastic surgeon Dr. Sharon McLaughlin felt alone as a female physician entrepreneur. 

Having created a successful skin care line for her private practice, she yearned to connect with other women entrepreneurs, to network and share experiences.  Unfortunately,  what she found was a ghost town.

So just like any good entrepreneur would do, she went and created her own solution!  She is the founder of the popular Facebook group Female Physician Entrepreneurs that has over 6000 members, some of whom I’ve interviewed here on the BootstrapMD podcast. 

On this episode, she also shares the trials and tribulations of starting a new business, her new ventures including an online weight loss program, and her consulting company.

Be inspired by her story, and how having a sense of community with like-minded individuals who have mutual goals can be the foundation of something big.

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https://www.facebook.com/groups/FemalePhysicianEntrepreneurs/
- Facebook group Female Physician Entrepreneurs

https://sharonmackwellness.com/
- Sharon Mack Wellness - Whole Body Wellness Blueprint

https://sharonmackmd.com/
- Sharon Mack Consulting

“If you can measure it, you can improve it”. 

I learned early on as an entrepreneur, to do well in marketing you need to know a little math, and there are specific indicators to track what's working and what's not.

If you have 100 people  land on your website, do you know what percentage actually buys your product?  On this episode, I share seven success measures to determine the health of your business using the example of my cash-based medical practice.

And as an added bonus, I also share four things I look at to determine the  effectiveness of a new online ad campaign.  Whether you have an online business, a local practice, or just getting started, these are the measures you’ll want to know to save you time and money.

LINK MENTIONED:

http://www.callrail.com - software to track your phone call leads

You are never too old to reinvent yourself.  That’s the lesson I learned after interviewing

Dr. Lynette Charity.  Trained as an anesthesiologist,  she had a robust medical career, but at 60 years old she was ready for a change.  Her quest to find a new calling led her to stand up comedy. Yes, you heard that right!

Learn about her journey on how she successfully parlayed humor into a vibrant speaking career.   As a physician speaker coach, she helps physicians shed their white coat persona to become better communicators by teaching them better speaking skills, along with comedy and improv techniques.  If you desire to translate your skills into becoming a professional paid speaker, this interview is a must listen!

Dr. Lynette Charity’s Physician Speaker Coaching:

https://drcharityspeaks.com/

FINAL NOTICE: Claim Your Copy of My Book for Free  - “The Positioned Physician”

https://www.positionedphysician.com/freebook

I’ve often been asked how I juggle everything: With multiple businesses, multiple employees, and multiple projects it can get overwhelming quickly.   I’ve been a productivity nerd since college and am always looking for shortcuts to eliminate waste.

Secret #1: Stop doing things that you don’t want to do.  Case in point:  Despite having a membership, I haven’t been in a Costco in over 3 years!   

Secret #2: Use technology to your advantage. Now there are a lot of tools out there, many of them that are free, that will prevent you from doing minimum wage work.   

Today I want to share with you some of my favorite productivity hacks to free up more time for  the important things in your life.  

LINKS MENTIONED:

E.ggtimer - http://e.ggtimer.com

Amazing Marvin - http://amazingmarvin.com

Obsidian - http://obsidian.md

ENDING SOON: Claim Your Copy of My Book for Free  - “The Positioned Physician”

https://www.positionedphysician.com/freebook

Launching a product can be exhilarating.  But what happens if the unthinkable happens:  no sales!  It can happen to the most seasoned entrepreneur.  But all is not lost.  In my experience, if you identify the source of the problem, you can change things around.  It is your ability to overcome these challenges is what will lead to become a stronger entrepreneur. 

We discuss ten reasons why people aren’t buying your products and services, and what you can do to make things go your way. 

“Anyone who has never made a mistake has never tried anything new.”― Albert Einstein

Claim Your Copy of My Book for Free  - “The Positioned Physician”:

https://www.positionedphysician.com/freebook

As doctors we love to teach.  It’s inherent in our makeup.  So why not use that skill to your advantage by becoming an online course creator? 
Even before the pandemic, the online education market has been booming to a billion dollar industry, as more individuals are accustomed to educating themselves at home.  But to be a successful course creator, it pays to be strategic. 
Here to help us out, I interview one of my good friends Dave Espino.   Dave is a lifelong entrepreneur and marketing expert, developing his first product in 2001 called “Beyond eBay”. which helped eBay sellers increase their sales.  This parlayed into one of the longest running infomercials ever run, generating $140 million in sales for his Auctions for Income program.

Dave certainly understands how profitable online courses can be.  Currently, he has over 50 courses on the Udemy learning platform with well over 90,000 students!  On this interview, he’ll discuss his secrets to becoming a prolific course creator, giving you the foundation to developing your next course.

Dave Espino’s Online Course Fast Start Kit:

http://FreeCourseKit.net

Online Course Platforms:

Mastermind.com

UDemy.com

Slideshare.com

Claim Your Copy of My Book for Free  - “The Positioned Physician”:

https://www.positionedphysician.com/freebook

Pilots are forced to retire at age 65.  An aircraft controller is not allowed to work

after they turn 56.  Yet we all know some doctors who work in their 80s and even 90s (!).  But how many physicians do you know plan to retire at 40?

Dr. Nneka Unachukwu, also known as “Dr. Una”, is not like most physicians.  This pediatrician started her own private practice, Ivy League Pediatrics, but from the beginning, she built the business to work without her.  She saw too many examples of practices falling apart if the doctor-owner was not available 24/7.  Retirement for her is to see patients because she wants to, not because she has to.  And I think many doctors would love to be in that position.

Sensing a need to help doctors become their own boss, she founded EntreMD, a platform created to help physicians embrace entrepreneurship, attracting those who want to build businesses similar to hers.  It’s an inspiring story that you’ll want to hear again and again!

EntreMD.com - Dr. Una's platform to help doctors build profitable businesses and attain financial freedom.

Claim Your Copy of My Book for Free  - “The Positioned Physician”:

https://www.positionedphysician.com/freebook