Passive Income For Dentists
Let’s talk about passive income for dentists. Now typically, when you think dentist, you don’t think ‘passive’. A dentist has to show up each day, put in the hours, and see dozens of clients per day just to pay the bills. That is the opposite of passive income.
That’s where traditional thinking is wrong. There is a wealth of opportunities in the dentistry niche to generate passive income. In this blog, I’ll discuss a few ideas on how to generate passive income for dentists.
Full disclosure I am not a dentist, nor do I ever plan on becoming a dentist, but passive income business ideas are what I do. In fact, I just took 6 months totally off (only checking emails here and there) to go on leave for the birth of my daughter. I generated $70,000 in passive income during that time. The year before that, I generated nearly $170,000 in passive income.
This is what I do. This is exactly what I teach in my book Use Your Job to Quit Your Job. Using the expertise from your day job is the easiest way to build a passive income-based online business.
So, using that process, here are a few side business ideas for dentists that you can use to generate passive income.
Idea #1: Tweak Your Business Model (franchise, outsource, or membership)
First and foremost, if you own your own practice, the quickest and easiest way to generate passive income is to turn your dental practice into a membership, franchise the practice, or outsource the practice and move into a CEO role.
Now, those are pretty obvious options to generate passive income for dentists, so I won’t spend too much time on it. But, this is the quickest and easiest way to generate passive income for dentists, so I’d be remiss if I didn’t mention it.
So, let’s quickly discuss each option.
The quickest and easiest way to turn your practice into a passive income-generating asset is to move yourself into a management role and focus on the high-level business, rather than the day-to-day operations and client-facing work. Simply take yourself out of the equation, and let other people do the work, as you just focus on managing the dentists and staff that make you money. This only applies if you own the practice. In this case, you can move yourself into a CEO management role to generate passive income from your dentistry practice.
Franchising. If you have a successful dentistry practice and good branding, you can look into the franchising model. This is more comprehensive than I can get into in this blog post, you need a bit more than one blog post to get into franchising your business, but it is an option to generate passive income as a dentist.
Lastly, the membership model. What would it look like if you stopped hustling to get new clients and instead built up a base of recurring members paying a monthly fee for dental work? Then, you can pass off the work to your colleagues to handle the client-facing work, removing the hassle of dealing with insurance companies. Many physicians are now moving to this model, called the ‘Direct Primary Care’ model. This could provide you with a nice source of recurring revenue and greatly reduce your workload. I highly recommend the book Built to Sell by John Warrillow. It’s one of the best books I’ve ever read about passive income. This book by John Warrillow is written as a story, where you follow along with the fictional story of a graphic design agency as the owner converts the agency into a membership model and eventually sells the business. This is a great book with a lot of key insights on how to master one aspect of your business to grow your sales and automate the business to generate passive income through the membership model.
Idea #2: Teach Other Dentists (coaching, membership, or training)
Here’s a passive income idea for dentists, probably one of the easiest on the list. Just take what you know, and teach it to other dentists. That’s pretty simple, right?
Sell information. Sell what you know. People want to pay for your expertise, to learn what you know.
You can monetize this in a number of ways. You could be a coach or do live trainings. You can work with a client one-on-one or in a group setting, teaching other dentists the topic of your choice (or the topic they need). Now, this is not necessarily passive, because you still need to sit down once in a while (maybe once a month) to host the training or coaching session. But, lead generation and marketing are completely passive. You sit back, and the leads come into your sales funnel to buy your coaching or training without any need for you to manually sell and drum up business. Then, you show up a few times per month to do the work. And, most importantly, it’s highly profitable. You can easily charge $20,000 or more for a hosted live training workshop, or you could charge $1,000 per coaching session. Take Tom Heffner for example. Tom hosts innovation training and workshops. Tom charges $9,500 for his basic one-day package plus $6,000 for each additional day. If Tom books one workshop for two days, he’s making $15,500. If he books just seven two-day workshops in a year, he’s making over $100,000! So, it’s worth it to put in a little bit of work for the high-ticket sale (with all the lead generation and sales being passive). Two days of work per month sound a lot better than 20ish days per month of working 12 hours long grueling shifts, doesn’t it? That is a nice profitable passive income stream for dentists.
For true passive income, you could sell a course, a book, or start a membership. This is my favorite revenue stream, any of these digital products could turn your dentistry knowledge into passive income. Your course or book could teach about specific dentistry subjects (like root canals), how to use a specific tool in dentistry (like the dental drill), or how to run a successful dentist practice. Your membership could be a community of dentists that all come together to share resources and work together in a mastermind-type setting to improve each other’s practices and performance as dentists. This is totally passive. Put in the work once to write the book, create the course, or set up the membership community, then sit back and watch your passive marketing drive leads into your sales funnel to convert prospects into buying customers. You do the work once and sit back and collect the money. This is how I built all of my businesses, putting in the work once to teach a subject, then I sit back and sell the product over and over again to generate passive income.
The question becomes, what will you teach? You could teach other dentists how to create a successful practice and maximize profitability. You could niche down and focus on something specific like how to get the best Yelp and Google reviews for your dentistry practice. Or you could focus on specific techniques like how to give the best root canal. The topic of what you teach is up to you, but remember the riches are in the niches. The more niche you go, the more profitable your business will be.
Research your target market to help determine what you will teach with your business. It all depends on the pain point the other dentists are facing. What does your target market need you to teach? Answer that question, teach that subject to solve their pain points, and you can build yourself a passive income business as a dentist teaching that topic.
One final note on this side business idea for dentists. With this idea, it would require you to start a new business, preferably a little niche business with its own website and brand that is separate and distinct from your dentist practice. It’s best to keep it separate from your practice, that way if you do sell your dental practice, you can keep this little niche business and passive income. This is exactly what I did to start my best-performing passive income-based business in the insurance industry, which allowed me to quit my job to take on entrepreneurship full-time.
Idea #3: Product Focus (affiliate, info product, or training)
One of the best aspects of starting a niche business is the topic of business can be literally anything. You can start a niche business about any topic or subject in the dentistry industry.
One of my favorite ways of doing this in any niche, it’s picking a tool, software, or procedure that you can niche down to and focus on as the main topic of your business. Remember, the riches are in the niches
With a quick Google search, I found that the following tools, software, and procedures are popular in the dentistry industry:
- Sickle probe
- Oral scalers
- Dental drill
- Saliva ejector
- Molds (crowns, caps, mouthguards)
- Root canals
- Braces and Invisalign
- Dentimax software
- Denticon software
- Dentrix software
Any of these could be the topic of your business business.
You could start an affiliate website about dentistry tools detailing the best sickle probes and dental drills.
You could create an online course about crowns, caps, and fillings.
You could create a membership for dentists that focus on Invisalign.
You could write a book about root canal procedures.
You could host a training workshop teaching other dentists how to best use the Dentimax software platform.
The opportunities are endless. Just pick a topic within dentistry. That could be your niche business.
Look at that. With my limited knowledge of dentistry, other than showing up every six months for my checkup, I found 14 viable niche ideas to generate passive income for dentists.
Idea #4: Lead Generation
How many leads do you bring in…are you booked up, are you not taking on new clients? If so, can you sell those leads?
That could be your passive income-based business. What if your whole business became generating leads, learning what the client needed, and then passing the lead off to another party that pays you a referral fee for that client? Then, all you have to do is sit back and work to passively generate leads, and build a funnel to pass lead leads off to the right party. This is one way that you could generate passive income for dentists.
Idea #5: Virtual Dentistry
What if you created a platform to provide dental advice online? Something like an online meeting, phone call, email, or online messaging to answer dental-related questions for a client. If your client has a dental-related problem, they can send you a message with a photo and description (or a video call). You could provide some advice on what to do and if dental work is needed, you can pass off the lead to the appropriate party and collect a referral fee.
This way, you are not sitting down in the office every day looking at someone’s mouth, you are sitting down for an hour at the end of each day to read through your messages and answer a couple of emails to provide dental advice. Or, you hire a team of virtual dentists that take the calls for you. That is much more passive than the traditional dental practice that you are used to. This is truly passive income for dentists.
With a quick Google search, this might already exist, but that’s a good thing! The idea has been validated for you. Someone is already out there with this business model, meaning, people are willing to pay for this service. From the looks of it, there is not a lot of competition yet. Not a lot of people offer virtual dentistry visits.
100+ Passive Income for Dentists
Didn’t find an idea that works for you? No worries. Finding passive income business ideas is easier than you think. In fact, I’m going to show you the process I use to generate 100+ business ideas. Use this brainstorming exercise to come up with 100+ side business ideas for dentists right now.
This is what I teach in the book Use Your Job to Quit Your Job. I teach you how to use your day job to find a side business idea that generates passive income.
In this section, I’ll give you some insight into how to do this. I call it the ‘Brain Dump’ process. This comes straight from the book.
The brain dump involves taking a deep dive into your day job. You will look at your job and the expertise you have acquired to find potential business ideas. It all starts with the brain dump questions. Answer the following questions. The goal is to list five answers to each question. If you have more than five answers to a question, write down more than five: the more the better. At this point, you are looking for quantity, not quality. Here, you are simply putting thoughts down on paper, letting your mind run free.
Your answers should not be fully formed business ideas; just answer the questions asked. No answer is too crazy. This should be done quickly; don’t spend more than a few minutes on any one question or more than 30 minutes on the exercise as a whole. Sit in a quiet place and let your mind wander and reflect on each question. If you are stuck, move on to the next question. You can always come back and answer the question that’s holding you up later.
Answer the following questions; try to provide five answers to each question.
What you do:
- What careers have you pursued?
- In each of these careers, what jobs or positions have you held?
- What did you do in your past day jobs?
- What do you do in your current day job?
- What big project are you working on in your job this week?
- Make a list of everything you did at work this week. Include every meeting, every topic of work conversation, every tool you used, everything you learned, and every physical work item you touched.
What you know:
- When people ask you for help at work, what do they need help with?
- What qualifications or certifications do you have?
- What extracurricular training, courses, or exams have you completed?
- What functions or seminars have you attended?
What you use:
- What software programs do you use in your day job?
- What physical products do you use in your job (calculator, footwear, stethoscope, welding mask, etc.)?
- What do you wear at work (Timberland boots, hard hats, scrubs, etc.)?
- Look at your work desk or office and list five things you see.
- Step into another room at your office and list five things you see.
What you need to learn:
- What do you want to learn at work?
- What training is available to you (ask your boss)?
- What are the different departments and positions at your company that you could learn about?
- What other software programs used by your company could you learn?
- What physical products are used by other departments at your company?
You did it! You have completed the brain dump exercise: great work! Now it’s time to take a look at your list. You might be thinking, “What am I looking at here? This is just a long list of nonsense; what can I do with these ideas?” Look again. If you answered every question, you have over a hundred potential business ideas on your list. This is where all successful entrepreneurs start. The next step is narrowing your list and testing your favorite business ideas (but I won’t get into that in this blog).
Conclusion: Passive Income for Dentists
In conclusion, there are countless ways to generate passive income for dentists.
You could franchise or outsource your dentistry practice, and move yourself into a CEO management role.
You could teach other dentists through coaching, courses, books, and memberships.
You could build a product-focused niche site, focused on a tool, software, or procedure that you perform as a dentist. This could be an affiliate-based website or you could package and sell this as an informational digital product through books, courses, and memberships.
You could create a lead generate business, generating dental customer leads and passing them off to the appropriate party to earn a commission.
And lastly, you could turn your dental practice into a virtual dentist office. It’s being done, the idea is validated, and there isn’t a lot of competition! It’s truly a great way to generate passive income for dentists.
There are plenty more side business ideas for dentists that generate passive income. This blog is just scratching the surface. If you are looking to start a niche site as a dentist, ask yourself the brain-dump questions to spark ideas about topics that could potentially be the subject matter of your niche business. Use the brain dump process to jog your memory and spark ideas for what could be your niche business that generates passive income. Using the brain dump from Use Your Job to Quit Your Job will help you come up with 100+ passive income business ideas.
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Use your 9-5 day job to build your online business and become financially free, so you can live the entrepreneurial lifestyle full-time.
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Take the expertise that you have accumulated over years of working 40 hours per week. Take that expertise and turn it into a business that generates recurring revenue for you for the rest of your life. (just like I did).
I’m going to show you how.
Pick up your copy of Use Your Job to Quit Your Job today, and get started today. By the end of this book, you will come away with the perfect idea–and plan–to launch your online business.