Practicing medicine is a noble profession, but a grueling career as you will spend years training and serving patients. You will barely have time for yourself as the practice dictates you have no definitive working hours.
Consequently, incidences of burnout are rampant in the industry, partly explaining why up to 47% of healthcare workers in the United States intend to quit their jobs by 2025. Presumably, to try their hand at less stressful ways of making money.
As a medical professional intending to venture into entrepreneurship, the real estate industry looks like a great prospect. The global professionally managed real estate market was worth $11.4 trillion in 2021. Keep reading to learn how to move from medicine to real estate.
Why Medical Professionals Might Want to Shift to Entrepreneurship
Some of the reasons a nurse or a doctor might want to get into entrepreneurship are:
- Shift career: Exposure to diseases and viruses for long hours daily is not everyone’s cup of tea.
- Better work-life balance: Working in healthcare for most practitioners means giving up your social life, which isn’t ideal if you want to start a family.
- Filling a gap: There might be a medical issue you feel you can only solve by being an entrepreneur.
- Explore new challenges: Even if you have a rewarding career, it might have become too monotonous, so you want to try something new.
Reasons Why Caregivers Could Become Successful Real Estate Entrepreneurs
Here are some of the reasons medical professionals can become successful real estate entrepreneurs:
- Desire to make a difference: Medics know all about changing people’s lives for the better, which isn’t far removed from the goals of most entrepreneurs.
- Strong interpersonal skills: In the business world, having the skills to connect with people from various walks of life, develop relationships, and communicate effectively with them will put you ahead. As a medic, you already have these skills as you interact with patients and their families daily.
- Pattern recognition: Medical schools teach medics to think critically. They can stand back and examine a situation by focusing on the essential aspects and patterns. This critical thinking ability will stand you in good stead to develop creative solutions to issues in the real estate industry.
- Commitment to continuous learning and growth professionally: Doctors and nurses constantly look for ways to improve their skills and stay abreast of the latest medical advances. It would be best if you retained this curiosity and drive, as it will help you learn and grow your real estate business.
How to Move from Medicine and Venture in Real Estate
Real estate is still one of many millionaires’ most preferred investment options. The best way to go about it includes the following:
1. Know your market and pick a niche
The first step towards becoming a successful real estate entrepreneur is knowing what market you want to serve. How will you know you’ve arrived at your destination if you don’t know where you want to go?
The real estate industry is vast, so it helps narrow your scope and focus all your attention on that single niche. These are some of the real estate niches you could try out:
- Residential real estate
- Property management
- Commercial real estate
- Resort and vacation homes
2. Market research
It helps to know who you are selling to and what they need to provide the right services for your target audience. That entails extensive market research on demographics and current trends.
The research should provide some pointers on how you can position your business in the chosen niche. Try to find some real-world experience and self-assess your skills to work out if you have the skills needed to fill the gap in the market.
3. Create a plan
Once you know your target market and have researched their wants and needs, you should create a business plan to meet those needs. A business plan will formulate a roadmap of how you will start and run the business. An ideal business plan should contain a detailed outline of the industry overview, research and analysis, marketing strategy, management, and finances.
4. Start with what you have
One look at a real estate website may put you off real estate entrepreneurship if you don’t have vast sums of cash. That doesn’t mean you can’t start small. There are plenty of investment opportunities, even for those without deep pockets, such as REITs.
Networking is another great way to gain experience and learn about the industry. Attend events, conferences, and seminars related to your field. Ask people for advice and feedback. Don’t be afraid to ask someone for a reference or recommendation.
You can also join a network marketing company. It is one of the best ways to become successful in real estate entrepreneurship if you come from another profession. Network marketing companies offer their members a low entry cost, high earning potential, and a strong sense of community.
6. Be patient
Successful entrepreneurs understand that patience is a virtue. You won’t become a millionaire overnight, so don’t expect to make money immediately. Take baby steps and keep at it diligently.
7. Stay organized
Keeping organized is vital. Keep track of everything you do, especially expenses and income. Use spreadsheets, calendars, and notes to organize your thoughts and ideas and manage the day-to-day running of the business.
7. Build Relationships
Relationships are the foundation of any successful business. You can develop trust and loyalty by establishing relationships with customers, vendors, and employees. A strong relationship network allows you to widen your market reach, potentially increasing your bottom line.
8. Set Goals
Finally, you need to set realistic goals for your business. Setting goals gives you something to strive for and motivates you to keep going even when times get rough.
As a medical professional, you already possess qualities that can make you succeed in real estate, such as strong interpersonal skills and a willingness to help people. If you feel like making the jump to real estate, some things you could do to improve your chances of success include creating a business plan, conducting thorough market research, and networking with other real estate industry stakeholders.
By Gurpreet Singh Padda, MD, MB