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What's the best way to generate cash flow in my situation?

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fastlanedoll

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For those of you who don't know, I'm a cosmetic doctor who's currently on no pay leave with no definite end in sight as covid-19 is on a rising trend where I am...
I don't want to quit and get another job cos I quite like this one and there's a three months resignation period, anyway.

I have a mortgage on my hands, but I'm not too worried about it cos 1) I'm collecting rent from the place 2) If worse comes to worse, my parents can pay it off. Despite the rent, I'll still need to come up with around $500 for the full monthly mortgage.

But, no job = no cashflow, and it affects my tolerance for risk in entrepreneurship.

What's the best way to proceed at this stage?

Should I:
-Buy a business to generate cash flow (is this a REALLY bad idea, given that I have no experience? )
-Go on and start my first venture anyway
-Try to build up multiple income streams online, you know the stereotypical content creation, etc. I'm thinking this is a good alternative income stream even after I go back to my job

I prefer not to take on a 'job' in its traditional sense (even if online) because I'm trying to move away from that (only if I REALLY need to)
I'm trying to work smart instead of work hard.

How I can leverage the fact that I'm a doc without creating a Youtube channel (yet)?

Thanks for any ideas!! :)

EDIT: Anyone want to hire me as a VA in their assistant, I'm extremely open. Don't care if I'm underpaid, I want to learn!! :D
 

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Sethamus

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I've only read part of your thread on the YouTube question and being recognized. Besides what's his name that has inspired a lot of people recently, and rightfully so. Making a profit on YouTube is more of an extended process from an outside point of view. Why don't you go ahead and start making some of the videos on subjects you like and make them private. That way you get practice, you can watch yourself for improvement, and if you feel like it share them on the forum and we can give you feedback. When ready you'll have some pre-made videos or at least a script of multiple videos you want to remake.

Sorry that the advice doesn't do much for your current cash flow needs, I just do not see why you cannot start learning the video creation and presentation part for YouTube.

If there is a low cost side hustle you could start that somehow ties into your future business plan maybe you can start that.
 
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fastlanedoll

fastlanedoll

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Ideally, I would start with the Youtube. But this covid 19 is rampant now where I am. I don't really want to venture outside (yet) unless absolutely necessary, and my house just isn't the ideal condition for filming :p
 
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biophase

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I’d take this time to study the stock market and learn about dividend paying stocks. Do you have them as one of your sources of cash flow?
 
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fastlanedoll

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Nah, my capital is tied in my damn investment property.
I regret buying that property. I bought it *just* before the dip. Wtf?
 

Sethamus

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Ideally, I would start with the Youtube. But this covid 19 is rampant now where I am. I don't really want to venture outside (yet) unless absolutely necessary, and my house just isn't the ideal condition for filming :p
Come on...this is an excuse. Hang up a damn sheet and make a video. You can make it 100% private and IF you want feedback by the people here that are into YouTube, teaching, etc. Which
have TONS of combined experience, then you can decide to do so. Do you really think your first video is going to be perfect and ready to market your brand to the world? Doubtful. You need the practice whether you decide to share with anyone or not.
 

Kung Fu Steve

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YouTube ≠ $$$

YouTube is a video platform... to share and view videos.

Now if you had something to sell people who watch those videos... or your videos were so popular people wanted to pay you to advertise before, during, or after your videos... then YouTube CAN = $$$

But to simply say "I'm just gonna do the youtubes" -- you've got to step back here and come up with an actual plan. And it can't be vague.
 

Beerbread

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Come on...this is an excuse. Hang up a damn sheet and make a video. You can make it 100% private and IF you want feedback by the people here that are into YouTube, teaching, etc. Which
have TONS of combined experience, then you can decide to do so. Do you really think your first video is going to be perfect and ready to market your brand to the world? Doubtful. You need the practice whether you decide to share with anyone or not.
This times a million. You can film anywhere. Semi-related, but I've been shooting product photography in a shoebox-sized room that is also my hot water heater room. Not ideal, but when there's a will, there's a way. As long as you have good light and clean background, you're fine. Editing will be your learning curve, but even that becomes second nature after practice.
 

Andy Black

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sparechange

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Photool

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#1 Re-read Unscripted - ANY job is your stepping stone - get a plan together and start executing.

#2 One of my cardinal rules #1 Never act out of scarcity or fear- ALWAYS position yourself if possible to act out of abundance and power. This radically shifts how you operate with standards and the results you will get.

#3 You have many options - you have to decide where your values are - what you find important - what you want and how serious you are - Map out what you have to work with and your options- Pick something AND EXECUTE. Do not allow your bias & self created limitations/excuses to get in the way of your freedom & growth.For example - with Covid - video is now one of the best mediums of expression. If that isn't your cup of tea then look at other means (audio,written etc) to share your own unique insights (your industry and trade)

#4 My suggestion : Focus on producing and creating something of value - put yourself in the position of your customers and create a list of 100 questions, pain points, challenges, or things you found yourself facing during your occupation. Then turn that into some form of content - It can be a private paid newsletter, private podcast, private patreon, public youtube . I advise giving first and really gathering/ nurturing vs short term/ take. Provide your own insight , value and perspective in a way other cosmetic doctors are not full-filling or maybe scope out some that are (model them but don't copy them, think for yourself and tie in your personal curiosities & strengths while solving a problem )
 

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fastlanedoll

fastlanedoll

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Botox, fillers, facial pdo threads etc.
 

Andy Black

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Is there any way you can earn money from your skills, experience, knowledge, network, etc that doesn’t involve working directly with clients in a beauty parlour?

Are people trying to buy products to apply them at home? Are people trying to get the same effect without the procedures you apply? What advice can you give people? Etc.
 
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fastlanedoll

fastlanedoll

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That's a good one. I'll think about that, thanks!
 

Andy Black

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That's a good one. I'll think about that, thanks!
What are all the beauty parlours doing if they can’t serve customers? Are they trying to get PPE gear? Do they have to update their employee handbooks? What are they telling clients when they return? Are they searching online for local advice on how to get open and running again? How will they let previous clients know they’re open? Are some of them trying to sell products online but don’t have a webstore setup? Do they know how to market their products online if they did get a store up?

Parlours being shut is a great pain for the business owners, and also for their clients. There’s got to be many ways to help both sides of that market at the moment.
 
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fastlanedoll

fastlanedoll

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Agree. Probably easier to help the consumer side, cos there's just more of them. I'll try to think of something. Thanks!
 

Wil22

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Maybe sell some skincare products and use your domain experience as a marketing thing?

Get customers to local practices and get commissions (affiliate marketing) ?

View: https://www.youtube.com/watch?v=vKmSiPMNal8
I agree with Sparechange. Produce, teach and sell what you know. With some research discover a skin care produce recommended by dermatologists. In my opinion you already have potential products (without knowing it) , value and a waiting audience. Put it together. You’ll do well.
 

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