How
Okay, you have decided that this niche is worth pursuing – what are the next steps? How can you move from the regular consulting life to create some space to build this new venture?
Let’s talk about the bare necessities to get going, where (usual practice, remote, standalone), training or accreditation required, costs and technology stack
The MVP
The Minimum Viable Product – a term invented or popularised by author Eric Ries in his book the Lean Startup. What is the simplest form that allows you to get moving and serving people in your niche? An MVP is important as it allows you to explore this area without great loss if it turns out not be for you, or offer the rewards you imagined.
When I was transitioning from rural practice burnout to urban practice I tried on a couple of areas to see if there was a fit for me. This was around in situ simulation and Point of Care Ultrasound. My websites from these projects are still up albeit with very infrequent updates! I tried on these areas like a new outfit but found that they did not offer me enough – interest, reward or challenge. I tried these ideas while still working in my main general practice and stopped them before receiving any income related to either area.
The MVP idea prompts you to think about how to get going with this project without unnecessary trims and finery. You don’t need a wrapped car or a bespoke linen business card – you need a web presence, a way for patients to be booked, seen and billed. Another idea taken from the same startup world as Eric Reis is fail fast – the idea that you test an idea and if it breaks you end it quickly and move on to the next idea. I have previously had websites and was focusing on in situ simulation in general practice and Point of Care Ultrasound in GP, but areas that I started developing but did fit me. Thinking about this relates to the ideas above where you thought about what success looks like. Is it worth setting a time or budget you will give yourself to try this niche before pulling the pin and exiting to the next opportunity?