Burnout is real. dental professionals only have so much energy to spend each day. On the journey of private practice, dental professionals are constantly looking for ways to deliver excellent care while trying to make money. Insert passive income.
What is Passive Income?
So what is passive income anyway? Passive income is defined as earnings derived from enterprises in which a person is not actively involved. The key here is "not actively involved." Wouldn't it be great to make money in your sleep? That's exactly what passive income can do for you.
Why a Dental Professional Should Pursue Passive Income
Here are some reasons a dental professional should pursue passive income:
- It works while you're not working
- It can pay part of or all of your bills (and even beyond)
- Once you build your passive income source, it continues working for you
- The passive income strategies we highlight can help you reinforce your expertise to potential patients
- It can shore up revenue during slow times in your practice
Passive Income Ideas for Dental Professionals
Let's review 7 passive income ideas for dental professionals:
1. Selling Books and E-Books
Writing a book in your field of expertise can further validate your expertise. It can also bring you passive income, especially in e-book format. If you sell e-books on popular channels like Amazon, Google, and even your website, there is no shipping involved, no inventory requirements, and no hassle.
2. Online Courses
One awesome way to make passive income and strengthen your brand online is to create online courses, which can be recorded and sold to potential patients for things that they care about. You can also create online courses for other dental professionals.
3. Social Media Ad Revenue
Do you have a following on YouTube? You can monetize that! If you produce quality videos about your subject matter, people will visit your videos and watch them. In the process, they'll be required to watch ads on YouTube, which can make you money. It may start out small, but it can turn into serious revenue if you are active and provide value.
4. Website Ad Revenue
Similar to social media ad revenue, you can also make ad revenue (not suggested for your practice website) on a website. One great way to do this is to start a website about a specific topic, and create tons of blogs about this topic and how it can help people. You'll then need to sign up for Google Adsense which will automatically place ads on your site once you set it up. You're already an expert in your field, why not use your expertise and make ad revenue?
5. Affiliate Marketing Revenue
If you have that website we mentioned above in #4, why not make more money? Affiliate marketing can help you make money by placing links to products on your site. Amazon has a great program for affiliate marketing. If you have blogs about different vitamins, for example, you can link to vitamin products on amazon via an affiliate link and make money when someone clicks on this link and purchases a product.
6. Physical Merchandise
You can also make passive income by selling physical products, such as your very own branded products. Perhaps you strongly believe in aromatherapy, you could create your own line of aromatherapy candles, and connect with a drop shipper so that you don't have to deal with shipping products out. This is a great way to make passive income.
7. Workbooks or Other Digital Products
Workbooks, or material that you already use to treat patients can be sold online on sites like Amazon, or your own website via eCommerce. For example, we sell mental health templates such as our DBT Worksheets to mental health professionals who use them for their practice.
Some of the great benefits of selling digital products is that:
- You will never run out of inventory
- You never have to physically ship a product
- You set the rules on returns (many do not offer returns on digital products, due to the nature of the products).
- You can track your eCommerce progress using website tools or your very own eCommerce dashboards
Conclusion on Creating Passive Income
So there you have it, our 7 passive income ideas for dental professionals. Passive income is a great way to compliment your practice's earnings, and can bring stability and wealth while you aren't working in your practice.