Many physicians are taking the leap into entrepreneurship. Frustrated with the current status of medicine in this country or wishing to provide a new product or service, many physicians are embracing the lure of being their own bosses. However, while this venture into entrepreneurship is exciting, it can be scary and wrought with challenges. For that reason, it is essential that every physician entrepreneur consider doing locums.
- Small Businesses Fail at a High Rate. According to the U.S. Bureau of Labor Statistics, 20% of small businesses fail in the first year. That rate skyrockets to 50% by five years. Of the reasons for failure, 29% of small businesses fail because they ran out of funding. Doing locums can fund your small business. Working a few locums shifts each month can provide the needed cash to cover your small business expenses and to help you expand your business.
- Locums Work Provides a Transition. Are you thinking about quitting traditional medicine and transitioning into entrepreneurship, but are not sure? Locums provides the optimal situation. As a locums physician, you can still do clinical work and have a steady source of income, while not being encumbered by the restrictions of being an employed physician. At the same time, you have the freedom to pursue your entrepreneurial endeavors. Locums allows you to have the best of both worlds.
- Locums Gives You Something to Fall Back On. If your entrepreneurial pursuits don’t work, locums gives you a plan B. As physicians, once we stop doing clinical work, it can be difficult, if not impossible to start doing clinical work again. Working as a locums physician for as few as 1-2 shifts per month, will allow you to keep your clinical skills intact and will provide credibility for future credentialing purposes.
While I encourage physicians to pursue their entrepreneurial dreams, I also caution them “not to go broke trying to get rich.” Doing locums allows them to do this. In order to learn more about doing locums, download my free locums eBook: Locums Tenens: Your Questions Answered.