How to Build a Terrific Freelance Consulting Business – 145

Interview with Dr. Mike Woo-Ming

In this episode of the Physician NonClinical Careers, Dr. Mike Woo-Ming revisits the podcast to discuss freelance consulting. 

Mike was one of the first guests on the PNC Podcast, in Episode 19.  During this visit, he also tells us all about his new book, The Positioned Physician: Earn More, Work Smart & Love Medicine Again, which 15 years in the making!

Our Sponsor

We're proud to have the University of Tennessee Physician Executive MBA Program, offered by the Haslam College of Business, as the sponsor of this podcast.

The UT PEMBA is the longest-running, and most highly respected physician-only MBA in the country, with over 650 graduates. And, unlike other programs, which typically run 1 – 1/2 to 2 years, this program only takes a year to complete. Recently, Economist Magazine ranked the business school #1 in the world for the Most Relevant Executive MBA.

While in the program, you'll participate in a company project, thereby contributing to your organization. As a result, the University of Tennessee PEMBA students bring exceptional value to their organizations.

Graduates have taken leadership positions at major healthcare organizations. And they've become entrepreneurs and business owners.

By joining the University of Tennessee physician executive MBA, you will develop the business and management skills needed to find a career that you really love. To find out more, contact Dr. Kate Atchley’s office by calling (865) 974-6526 or go to nonclinicalphysicians.com/physicianmba.

Four Levels of Financial Freedom

In his book, Mike takes the four levels of financial freedom and applies them specifically to physicians. They are:

1. Employee

This is the level where almost everyone begins. Unfortunately, for many specialties, remaining an employee makes the most sense. In fact, 75-80 percent of physicians fall into this category. However, being an employee always means working for someone else.

2. Business Owner

This is the physician who owns their own practice. They see patients, but they also manage the entire business. Hence, there is more reward, but the business owner may become overwhelmed, trying to juggle too many responsibilities at once.

3. CEO

This is where things begin to accelerate. When physicians are CEOs, they practice medicine. However, they also have trusted staff to manage the business and see patients. Then, the CEO and the business are generating revenue, but so are the employees.

4. Investor

This is the highest level. Investors are in charge of multiple businesses and bring in multiple, dependable streams of revenue. Ideally, this is the way to “recession-proof your life.”

Speaking the Language of Online Marketing

Mike initially achieved his success by pursuing one of his interests outside of medicine: online marketing. As someone who owned a digital business, he decided to learn more about search engine optimization and pay-per-click advertising. One of his first freelance consulting side hustles was helping other medical practices with lead generation and growing traffic to their practices.

He was able to get his foot in the door not because he was an expert on these topics, but because he was a physician. As a result, he understood the businesses better than the average marketing consultant.

“I understood the language. I understood the problems that the businesses were having… what kept them up at night.” – Dr. Mike Woo-Ming

Is Freelance Consulting Right for You?

For those who are considering freelance consulting, but are not sure what niche to pursue, Mike has developed an acronym: CLEARED. Young consultants should rank themselves on a scale of 1 to 10 based on the following questions.

• Competency: Are you an expert in this niche?
• Lucrative: Are people making money in this market?
• Energy: Do you feel excited and ready to work in this field?
• Audience: Is this a group of people you want to work with?
• Relationships: Are you already connected to others working in this field?
• Evergreen: Will this business still be relevant in 5, 10, or 20 years?
• Demand: Is there a demand for your services?

By finding a niche that gets high scores on each factor, the physician consultant will enhance the chances of success.

We really just scratched the surface of this topic. If you're interested, there are a couple of easy ways to learn more about a freelance consulting business.

First, you can go to positionedphysician.com/freebook to get a copy of The Positioned Physician for just a small shipping and handling fee.

Next, you can learn more directly from Mike by joining the Nonclinical Career Academy. I've posted a 4-Part Masterclass where Mike continues his lessons about freelance consulting. And to make it even easier, listeners to this episode can get a one-month Trial for only $1.00, using the Coupon Code TRIAL at nonclinicalphysicians.com/joinnca.

The Clinicians Career Cooperative Official Launch Begins on June 1, 2020.

This is the ONLINE MARKETPLACE OF IDEAS for nonclinical, and unconventional clinical, jobs and side gigs. We have started with some of the most influential names in clinical career transition, including:

• Maiysha Clairborne
• Michelle Mudge-Riley
• Tom Davis
• Marjorie Stiegler
• Phil Boucher
• Mike Woo-Ming
• Jarret Patton
• Jill Wener
• Christopher Loo
• Lisa Jenks
• Mandy Armitage

There is an automatic 7-day Free Trial. So, this is a no-risk opportunity to connect with experts and begin your career transition today.

To check it out, head to the Clinicians Career Cooperative.

Follow 4 Easy Steps:

After clicking the link and heading to the Cooperative and watching the Welcome Video…

1. click the Teal Colored JOIN NOW button, then,
2. select the annual or monthly membership by clicking the Sign-Up Link, then
3. add your registration information, and
4. click REGISTER HERE to join the Cooperative.

It's that simple.

And if you JOIN BEFORE MIDNIGHT ON JUNE 8, you will receive over $375 worth of Bonuses:

• Guide to 10 Nonclinical Careers for Physicians (PDF) – a 19-page guide that introduces you to 10 popular nonclinical careers, and resources for pursuing each one, by John Jurica
• Crash Course Checklist to Becoming a Hospital Executive (PDF) – a brief summary and checklist with the steps any hospital-based physician can follow to land a career in hospital management, by John Jurica
• 25 Top Nontraditional Careers Video – a broad overview of the most popular nonclinical careers and side jobs, as well as unconventional clinical jobs
• Telemedicine Mastery Course ($100 Value) – a comprehensive course by Tom Davis for any clinician considering telemedicine, that addresses: legal structure, licensing, liability coverage, selecting a telemedicine technical partner, contracting essentials, and optimizing your income
• A Free 2-Month Membership to the Nonclinical Career Academy ($194 Value) – an online learning center for physicians with 15 courses addressing mindset, career transition strategies, overviews of home-based and pharma jobs, and masterclasses
• $75 off the price of registration to your choice of the July, September or November 2020 NEXT Intensive Series –  the Clinical Career Conference presented by Michelle Mudge-Riley where you’ll have the chance to hear from post-transitioned physicians about 25 non-clinical and non-traditional careers and get hands-on help with your resume, cover letter and where to find non-clinical jobs

Imagine what it will be like 6 to 12 months from now to start a fulfilling career, and leave behind the headaches, long hours, and constant threat of a lawsuit. Joining the Cooperative is the first step on that journey!

So head over to the Clinicians Career Cooperative.

Special Offer from the Leti and Kenji at SemiRetiredMD

Download This Episode:

Right Click Here and “Save As” to download this podcast episode to your computer.