Don’t Follow My Example
Today it's just me talking about how to select the best online business niche. I'm continuing a series of episodes on the creation of your online business.
In Episode 107, I talked about building an email list. Today, I want to step back to an earlier stage in the business development process. It's the important process of deciding on your niche – your online business niche.
But before we get into that, let's thank our fantastic sponsor, the UT PEMBA.
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. Unlike other programs, which typically run 1 – 1/2 to 2 years, this program only takes a year to complete. And Economist Magazine recently ranked the business school #1 in the world for the Most Relevant Executive MBA.
University of Tennessee PEMBA students bring exceptional value to their organizations. While in the program, you'll participate in a company project, thereby contributing to your organization.
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 you need to advance your career. To find out more, contact Dr. Kate Atchley’s office by calling (865) 974-6526 or go to vitalpe.net/physicianmba.
Choosing My Online Business Niche
A few years ago, I started blogging about the topic of physician leadership in the hospital environment. Later, I thought, “I'm interested in all nonclinical careers, not just working in a hospital.”
So, I started the podcast two years ago in order to interview physicians who have started new careers. That was my way to learn about the topic, while offering you inspiration and advice along the way. And it's been fun.
But it wasn't until late in 2018 that I formed my LLC and began to “monetize” my business through sponsorships and courses. Looking back, the way I approached this process was not ideal.
Inspirational Success Stories
I could have been much more intentional. Today I'm going to describe a much more direct process of deciding on an online business niche. And I'd like to start by providing inspiration with examples of physicians who have already established successful nonclinical online businesses.
Orthopedic Surgeon David Geier
Dr. David Geier is a busy orthopedic sports medicine expert who wanted to provide online education for patients. His site can be found at drdavidgeier.com.
He provides free content through his podcast articles and videos, and also does speaking engagements. He has produced over 300 podcast episodes. So, he's been doing this for a long time.
Over time, David created paid audio bundles and online courses that he sells to a national audience. The content is driven by the questions he has been asked by podcast listeners.
So, it's all based on his listeners' needs. He now has an extensive collection of paid online courses and written resources that he shares with his international audience.
Urgent Care Expert Lawrence Earl
Another example is my friend Larry Earl, at urgentcarementor.com. Here's a guy who was working in urgent care and occupational medicine. He became an expert in these things. And he started to develop his own network, which he ultimately sold.
Then the company that bought the network hired him to manage it. So, he went from being a clinician and a practice owner to being a practice manager.
That eventually evolved into becoming a consultant for other urgent care and occupational medicine practices. He's been doing that for years. And he has many resources for urgent care practitioners and managers at Urgent Care Mentor.
He's also been a resource to one of the large national professional societies where he's helped create educational materials. He has been out of clinical medicine for quite a while. He now makes his living by consulting, teaching, speaking, creating courses and selling them to members of the professional society or to his own private clients and audience members.
Negotiation Expert Robert Felberg
Another physician expert who is pretty interesting is Robert Felberg of Negotiation MD, at negotiationmd.com. Robert is still a full time practicing neurologist. He's been putting out articles, and coaching and consulting to help physicians negotiate employment and other types of contracts. He has an online platform where you can sign up for his coaching and courses.
Weight Loss and Mindset Coach Katrina Ubell
The star of this whole group is Katrina Ubell. Her online business niche is quite unique: weight loss coaching services for women physicians. Her business is called Weight Loss for Busy Physicians. It started as individual coaching, but it's evolved quite a bit.
Her coaching is not limited to nutrition and exercise, but focuses heavily on the mindset involved in overcoming weight loss challenges. Katrina is a certified coach, and started with individual coaching. However, she added group coaching, in part because of the high demand for her services.
She has a great podcast. You can listen and get a real sense of what she does. Without sharing specific financial information, I've heard that she has had some very successful course launches recently. It's something you might want to check out at katrinaubellmd.com.
Child Sleep Expert Rebecca Kempton
Rebecca Kempton is known as the Baby Sleep Pro, at babysleeppro.com. She is a physician who has devoted the last 7 years to helping parents teach their children how to sleep better. She provides consultation services to parents of children with sleep problems. Its an online business niche that clearly grew from a common problem encountered in primary care.
Rebecca's services includes teaching parents how to help their infant who is struggling to sleep through the night, to helping older children who cannot fall asleep on their own.
Med Student Instructor Jason Ryan
Jason Ryan is a cardiologist. Several years ago he began creating videos for medical students preparing for the USMLE Step 1.
He started by providing lectures on important topics that they needed to review. Then he created videos on the topics. Now his company, called Boards and Beyond, has well over 400 videos and is a popular resource for students who must prepare for the USMLE Step 1.
Financially, I think it generates the equivalent of a clinical salary. Jason runs it part time. And he continues to teach and provide patient care as a cardiologist.
Healthy Chef Rupy Aujla
The last physician online entrepreneur is a relative newcomer, Rupy Aujla. He's from the UK. You'll find him if you look up The Doctor's Kitchen, at thedoctorskitchen.com. He's interested in providing better nutrition, and offers healthy recipes and cooking videos. He's also writes books and articles.
He began his business in the past year or so and has become very popular. Rupy is a great example of someone with an interest (or passion) that he was able to combine with his clinical activities. He is still practicing clinical medicine.
Choosing an Online Business Niche
To summarize, what the above examples demonstrate is one way to find your online business niche is to take these steps:
- Identify your skills and knowledge,
- Select one or two that you find interesting, or that you're passionate about, and,
- Pick the one most likely to solve a problem for customers who are willing and able to pay for your solution.
If you want more details about how to work through those steps, download the transcript by clicking the Big Blue Button above. Or listen to the entire episode using the player above or on your smartphone.
Links for today's episode:
Thanks to our sponsor…
Thanks to the UT Physician Executive MBA program for sponsoring the show. It’s an outstanding, highly rated, MBA program designed for working physicians. It might be just what you need to prepare for that joyful, well-paying career. You can find out more at vitalpe.net/physicianmba.
I hope to see you next time on the PNC Podcast.
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Podcast Editing & Production Services are provided by Oscar Hamilton.
The opinions expressed here are mine and my guest’s. While the information provided on the podcast is true and accurate to the best of my knowledge, there is no express or implied guarantee that using the methods discussed here will lead to success in your career, life or business.
Many of the links that I refer you to, and that you’ll find in the show notes, are affiliate links. That means that I receive a payment from the seller if you purchase the affiliate item using my link. Doing so has no effect on the price you are charged. And I only promote products and services that I believe are of high quality and will be useful to you, that I have personally used or am very familiar with.
The information presented on this blog and related podcast is for entertainment and/or informational purposes only. It should not be construed as medical, legal, tax, or emotional advice. If you take action on the information provided on the blog or podcast, it is at your own risk. Always consult an attorney, accountant, career counsellor, or other professional before making any major decisions about your career.
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