Crafting Success: What Physicians Can Learn from Taylor Swift

The Physician Model: Work Harder To Earn More

Your are a member of a profession that is renowned for its unwavering dedication and work ethic. Through years of rigorous training and education, you are conditioned to work hard in order to provide the best possible care for your patients.

The demanding nature of the medical profession requires you to commit countless hours to your craft. From long shifts in hospitals to late nights studying medical literature, you understand the importance of putting in the effort necessary to excel in your specialty.

Your work ethic wires you to a belief that “just a little more work” will earn you “just a little more money”. And this mindset coupled with massive growth of medical side jobs, has led to an explosion in opportunities for side work.

In today's medical marketplace many of you are discovering the allure of side gigs. The data shows around one third to one half of you have chosen to pursue additional income streams outside your primary medical job. I call this job stacking, and it is increasingly common on today’s physician labor market. While side work may seem unnecessary for you to the general public—since you earn a substantial income and live a comfortable lifestyle. Yet, the reality is many of you feel compelled to engage in side gigs as a means to further boost your earnings and also indulge in a more luxurious lifestyle.

The Taylor Swift Model: Work Smarter Not Harder To Earn More

In the music industry, renowned artists like Taylor Swift experience a similar phenomenon. Once they establish their reputation and gain a substantial following, opportunities arise for earning more money through lucrative endorsement deals and the creation of their own brands. Their loyal fan base is eager to invest in products recommended by these stars, ranging from clothing lines and beauty products to alcohol, fragrances, restaurants, and even books. It is a testament to their influence and ability to captivate audiences beyond just music.

Taylor Swift has achieved her remarkable billion-dollar earnings not through side gigs, but rather by leveraging her main passion: music. She has skillfully capitalized on various avenues within the industry to maximize her success. As both a songwriter and performer, she earns substantial royalties from her mesmerizing compositions. Additionally, her concert revenue speaks volumes about her ever-growing fan base and dedication to delivering unforgettable live experiences. Taylor's astute business sense also extends to merchandise sales at her live events, further augmenting her already impressive financial prowess. Moreover, she has taken a pioneering approach by filming and releasing her concerts as movies, bypassing traditional distribution methods and establishing direct connections with theaters.

Please note, in essence, Taylor is not working harder, instead she is working smarter.

This innovative strategy ensures that she remains firmly in control of each aspect of the production process. Furthermore, Taylor's shrewd decision to re-record albums previously owned by others empowers her with full ownership rights while retaining complete creative control over these iconic works of art. This bold move not only showcases Taylor's unwavering determination but also exemplifies how strategic decisions can lead to unparalleled success in the music industry. In summary, Taylor Swift excels in capitalizing on different revenue streams within the music world, demonstrating remarkable entrepreneurial skills that have catapulted her into the billion-dollar earners club.

Physicians Can Learn From Her Business Model

Physicians should take Taylor’s model to heart. It's crucial to consider the following tips if you aspire to increase your income. Remember that there are numerous possibilities out there for enhancing your financial success as a physician!

All of the activities listed are extensions that you can utilize to generate additional income from your services, just as Taylor has been doing to increase her earnings from her music.

One of the most important tips that you can learn from Taylor Swift is to cut out the middle man and keep as much of the control our professional assets that generate income as possible. Translation—start a micro-corporation and become a self-employed medical contractor or a micro-practice owner.

In the dynamic world of business, unexpected sources of inspiration can spark innovation and growth. Taylor Swift is one such source. Her journey from a budding artist to a business-savvy entrepreneur provides valuable lessons for physicians running micro-businesses. Let’s explore key insights that you can glean from Taylor Swift's success and ultimately contributing to the growth of your net worth.

Professional Micro-Business Tips To Grow Your Net Worth

1. Brand Building and Authenticity: Taylor Swift is known not only for her musical talents but also for her authentic and relatable persona. Physicians can benefit from building a strong personal brand rooted in authenticity. Patients are more likely to connect with a healthcare professional who expresses genuine care and authenticity. W-2 employees are not given the freedom to express their individual brand but instead must conform to a long list of marketing rules that all large employers expect from you. However, when you work as 1099 employee through your micro-business you hold onto the power to craft and communicate the brand and authenticity that is exclusively yours—whether that be through your own website, or social medial channels.

2. Diversification of Revenue Streams: Taylor Swift's success extends beyond music to various revenue streams, including endorsements, merchandise, and investments. Similarly, physicians can explore diversifying their income sources. This might involve creating additional services, producing educational content, or engaging in strategic partnerships that align with their micro-business. Here are some practical options for diversifying your professional income through job stacking:

   1. You can work harder at your primary job to increase your revenue :

      1. Make yourself readily available for consultations and taking on extra shifts, you can enhance your earning potential significantly.

      2. Provide ancillary services in your clinic such as ECGs, audiology, x-rays, ultrasound, vascular studies, EEGs, sleep studies

      3. See one more patient a day

      4. Supervise advanced practice clinicians (APC) in the health system

   2. You can work harder with Job Stacking via 1099 contracting side jobs such as:

      1. Moonlighting in your area of specialty

      2. Tele-health side work

      3. Insurance and legal consultation work

      4. Medical directorship opportunities

      5. Side work in home health, nursing homes, & hospice

      6. Supervising advanced practice clinicians (APC) outside of your primary health system

   3. You can work smarter rather than harder

      1. Choose to be self-employed through a micro-corporation and earn on average 10-15% more.

      2. Focus on retaining income, and use micro-business structure to hold onto more of your earnings—this can be worth as much as 10-15% of your income in comparison to W-2 employees

      3. Negotiate a production bonus in your contract

      4. Secure a signing bonus in your initial contract, or in your contract renewal

      5. Integrate student loan payback assistance in your contract

      6. Ask for a personalized benefit package in your contract

      7. Renegotiate your contract every 2-3 years—I recommend contract diagnostics for help with this.

3. Engagement with Community: Taylor Swift has a devoted fan base, and her engagement with them is unparalleled. Physicians running micro-businesses can learn the importance of community engagement. Fostering a sense of community like we have done with SimpliMD, encourages interaction and collaboration among those who follow you.

4. Adaptability in a Changing Landscape: Swift has demonstrated remarkable adaptability in the ever-evolving music industry. You should likewise stay attuned to changes in healthcare, technology, and business trends. Being adaptable allows for seizing new opportunities and navigating challenges effectively through the use of your professional services. Work for physicians no longer is location dependent, nor is tied to a building, or a single employer. With over 50% of doctors doing side work, multiple jobs in multiple locations is increasing common in our post-COVID world.

5. Strategic Use of Intellectual Property: Taylor Swift is known for protecting her intellectual property. Physicians, too, can benefit from understanding the value of their expertise and innovations. Explore avenues for licensing, publishing, or sharing your knowledge to create additional revenue streams. that is what I did through publishing my best-selling book “Doctor Incorporated: Stop The Insanity of Traditional Employment and Preserve Your Professional Autonomy” and through my development of our SimpliMD community.

6. Effective Marketing and Storytelling: Swift's ability to tell compelling stories through her music contributes to her widespread appeal. You can leverage effective storytelling in their micro-business marketing efforts, especially with HIPPA compliant social media posts and social groups. For instance providing you with a private FB community to share your success stories & experiences, is part of the mission behind SimpliMD—I want to help you connect with your micro-business peers on a deeper level.

7. Embracing Technology: Taylor Swift has embraced technology to connect with her audience, using social media and streaming platforms strategically. You can harness the power of technology to reach a broader audience, whether through online courses, virtual consultations, or other digital initiatives.

8. Financial Savvy: Beyond her artistic talents, Taylor Swift is known for her financial acumen. You can benefit from adopting a similar mindset, understanding their financial landscape, making informed investment decisions, and planning for long-term wealth growth. Here are 10 personal finance tips that can help you.

Conclusion

As physicians navigate the landscape of micro-business ownership, the success of Taylor Swift provides a wealth of lessons. It all begins with controlling your income generating assets and cutting out the middle man.

From there you can build your authentic brand, diversifying your revenue streams and embrace technology, the parallels between the worlds of healthcare and music are clear. By incorporating these insights, you can not only enhance your micro-business but also work towards achieving your financial goals and growing your net worth.

If you haven’t taken the step to become a SimpliMD member, I invite you to join now and unlock $2500 in products for less than the price of a dinner.

Tod