21 Business Ideas For Psychiatrists [2024]
Interested in starting a business as a psychiatrist in 2024?
If managed well, building a business as a psychiatrist could be more lucrative than employment. So, which are the best business ideas for Psychiatrists?
We put together 21 of some of the best psychiatrist business ideas you can start in today.
For each business idea, we'll show you real-world examples of other psychiatrist businesses to help you see what it takes.
Here's the full list:
1. Start a therapy business ($74.8K/month)
Starting a therapy business could significantly supplement your income and offer additional professional fulfillment. As a psychiatrist, you already possess a deep understanding of mental and emotional challenges, which positions you well to offer focused therapeutic services. By diversifying into therapy, you could leverage your existing expertise to develop personalized treatment plans and build strong patient relationships outside the realm of psychiatry.
Moreover, venturing into therapy allows flexibility in choosing the type of therapy you'd like to provide, whether it's cognitive-behavioral therapy, talk therapy, or another specialized field. By earning the necessary certifications and licenses, you could open a private practice, offer teletherapy sessions, or even create group therapy programs. This not only broadens your professional scope but also creates new revenue streams and the potential for a fulfilling side business.
How much you can make: $10,000 — $250,000/month
How long does it take to build: 120 days (?)
Professional cuddler, Sam Varnerin, developed her successful one-to-one cuddle service, Snuggle with Sam, as a result of recognising the universal human need for connection and touch, which also led to her opening Sam’s Snuggle School, a course for aspiring professional cuddlers.
2. Start a dropshipping business ($414K/month)
As a Psychiatrist, you could explore the entrepreneurial possibilities of starting a dropshipping business to supplement your income. This model allows you to sell products without the need to invest in inventory upfront, freeing you to focus on your primary practice. For instance, consider curating a niche store centered around mental wellness, offering products such as stress-relief gadgets, mindfulness journals, or therapeutic aids.
Using platforms like Shopify or WooCommerce, you could set up your online store and source reliable suppliers from AliExpress. Marketing your store to a targeted audience and providing excellent customer service could set your business apart. This venture requires minimal upfront investment and offers a potential stream of additional income, providing financial stability and flexibility alongside your psychiatric profession.
How much you can make: $6,000 — $3,000,000/month
How much does it cost to start: $8,500 (?)
How long does it take to build: 90 days (?)
Time commitment per week: Min. 10 hours/week
Entrepreneur Kamil Sattar has developed multiple six-figure drop shipping businesses, and his company, e-commerce mentoring, specializes in helping others create their own successful companies, with favorite platforms including using Shopify and apps such as Loox reviews and SMSBump.
3. Start a health and wellness consulting business ($148K/month)
As a psychiatrist, you possess a deep understanding of mental health, stress management, and the intricacies of human behavior, which positions you uniquely for a health and wellness consulting business. This venture could complement your existing practice by helping clients improve their overall well-being through comprehensive plans that integrate better nutrition, regular physical activity, and effective stress management techniques. Imagine guiding others to achieve a healthier and more vibrant lifestyle while leveraging your expertise to offer personalized advice and support.
Health and wellness consulting taps into a lucrative and growing market of individuals eager to invest in their health. You could carve out a niche by offering specialized consulting services that address both mental and physical health, thereby providing a holistic approach to wellness. Certification and continuous learning in wellness principles would enhance your credibility and effectiveness, making you a trusted adviser in your clients' journey to better health.
This path offers a flexible and fulfilling way to supplement your income or even transition into a standalone business. By diving into health and wellness consulting, you can expand your impact beyond traditional psychiatric care, inspiring and transforming lives in a meaningful way.
How much you can make: $100 — $1,000,000/month
How much does it cost to start: $3,000 (?)
How long does it take to build: 100 days (?)
Bey Moss, an e-commerce platform selling sea moss-infused health and wellness products, made over $800,000 to-date with less than $10,000 overall in ads after validating the product idea through reviews and feedback and leveraging their social media following to build a Bey Moss community.
4. Start a podcast ($97.9K/month)
Starting a podcast could be a lucrative and fulfilling side business for a psychiatrist, allowing you to share your professional insights and build a brand beyond the clinic. By selecting a niche related to mental health—such as managing anxiety, understanding various psychiatric disorders, or offering general wellness tips—you could attract a dedicated audience eager for expert advice.
Investing in basic recording equipment and using a free or affordable hosting platform would allow you to produce high-quality content without significant overhead costs. With effective promotion through social media and online communities, your podcast could steadily grow, potentially leading to sponsorships and advertising opportunities, thereby supplementing your income while offering valuable information to the public.
How much you can make: $400 — $1,020,000/month
How much does it cost to start: $2,000 (?)
How long does it take to build: 60 days (?)
Time commitment per week: Min. 2 hours/week
A successful podcast production company that grew from one client making $15/hour to a team of 10 contractors producing over 30 shows per week with revenue of over $10k/mo, primarily through referrals and with a focus on providing high personal touch and being picky about working only with clients who are a good fit.
5. Become a business coach ($55K/month)
As a psychiatrist, you could leverage your expertise in mental health, stress management, and human behavior to become an effective business coach. Many entrepreneurs and small business owners struggle with issues related to anxiety, decision-making, and leadership—areas where your skills are particularly valuable. By guiding these individuals in stress management and optimal decision-making, you could significantly improve their performance and business outcomes.
Moreover, your ability to understand intricate human dynamics could help business owners navigate team management and interpersonal challenges within their organizations. This unique angle allows you to provide a more comprehensive coaching experience, adding value beyond traditional business advice. Helping to align mental well-being with business goals could not only supplement your income but also offer a fulfilling way to contribute to the success of aspiring entrepreneurs.
How much you can make: $3,500 — $400,000/month
How much does it cost to start: $2,749 (?)
How long does it take to build: 60 days (?)
Entrepreneur Kamil Sattar has developed multiple six-figure drop shipping businesses, and his company, e-commerce mentoring, specializes in helping others create their own successful companies, with favorite platforms including using Shopify and apps such as Loox reviews and SMSBump.
6. Start a leadership coaching business ($48.5K/month)
As a Psychiatrist, you could leverage your expertise in understanding human behavior, emotional intelligence, and mental wellness to launch a leadership coaching business. Leadership coaching involves working closely with executives and managers to enhance their leadership skills and overall effectiveness. Your background equips you with unique insights into motivation, resilience, and interpersonal dynamics—skills that are critical for effective leadership.
By offering one-on-one coaching sessions, group workshops, and customized training programs, you could help clients unlock their potential and drive organizational success. This venture provides the opportunity to make a significant impact on professional growth and organizational culture, aligning perfectly with your passion for helping others.
Additionally, pursuing continuous learning and earning professional certifications can enhance your credibility in the business world. By leveraging your existing skills and expanding your professional network, you’ll be well-positioned to build a thriving leadership coaching practice.
How much you can make: $1,000 — $291,000/month
How much does it cost to start: $1,200 (?)
How long does it take to build: 25 days (?)
A 22-year-old entrepreneur from Vienna built a $10k/month personal growth business by executing ideas quickly and targeting needs, as well as delivering quality services and personal connections to his customers.
7. Start a marketing consulting business ($122K/month)
As a Psychiatrist, you could leverage your deep understanding of human behavior and communication to excel in a marketing consulting business. Your expertise in analyzing and understanding patients can translate into insightful market research and data analysis, helping businesses tailor their marketing strategies to align with their target audience's psychological profiles.
Additionally, your strong problem-solving skills and ability to communicate complex ideas effectively would be invaluable in both crafting and implementing comprehensive marketing plans. This entrepreneurial venture could not only supplement your income but also offer a stimulating challenge, allowing you to utilize your skills in a new and impactful way. By addressing and meeting clients' marketing needs, you could help businesses succeed, all while diversifying your career and exploring new professional horizons.
How much you can make: $100 — $1,250,000/month
How much does it cost to start: $2,000 (?)
How long does it take to build: 30 days (?)
A successful podcast production company that grew from one client making $15/hour to a team of 10 contractors producing over 30 shows per week with revenue of over $10k/mo, primarily through referrals and with a focus on providing high personal touch and being picky about working only with clients who are a good fit.
8. Start a breath freshener business
As a psychiatrist, you've likely encountered patients who face anxiety stemming from social interactions, some of which include concerns about having bad breath. By starting a breath freshener business, you could offer a product that addresses a common worry, boosting your patients' confidence and overall mental well-being.
Moreover, your understanding of consumer behavior and psychological triggers could be invaluable in creating targeted marketing strategies and developing a product that truly resonates with your audience. The breath freshener market, filled with mints, sprays, strips, and gum, allows for creativity and innovation, aligning well with entrepreneurial aspirations. With proper market research and a commitment to quality, you could develop a unique breath freshener that stands out, making it a promising venture to supplement your income and diversify your career.
How much you can make: $1,100/month
How much does it cost to start: $4,500 (?)
Sprëtz is the world's first all-natural 2-in-1 freshening spray that instantly removes odors from breath and hands, currently serving customers in all 50 states and internationally, featured on ABC's Shark Tank and created by creator and co-owner Tony Gauthier.
9. Start a health and wellness blog ($175K/month)
As a psychiatrist, you could leverage your expertise to start a health and wellness blog, providing invaluable insights on mental health and holistic wellness. Your authoritative voice on topics such as stress management, coping mechanisms, and mental health best practices would resonate with readers seeking professional advice.
This venture could supplement your income through avenues like ad revenue, sponsored content, and affiliate marketing, while offering the rewarding experience of positively impacting a broader audience beyond your clinical practice. You could also establish partnerships and collaborations with brands and other wellness experts, thus expanding your reach and professional network.
Also, maintaining a blog could enhance your reputation as a thought leader in the mental health field, potentially attracting new clients to your practice. If you have a passion for writing and a commitment to promoting healthy lifestyles, this could be a fulfilling entrepreneurial endeavor.
How much you can make: $100 — $500,000/month
How much does it cost to start: $4,000 (?)
How long does it take to build: 75 days (?)
This case study article follows Vicki Mayo, who developed a stress-reducing wearable product for her company TouchPoint, which achieved over $2 million in sales in the first couple of years and has been used for stress relief over 3 million times.
10. Become a wellness coach ($48.2K/month)
As a Psychiatrist, starting a wellness coaching business could be a natural and complementary extension to your existing practice. Leveraging your expertise in mental health, you could guide clients towards achieving holistic health goals such as stress management, improved energy levels, and better overall well-being. Your deep understanding of psychological principles would uniquely position you to address the mental and emotional aspects of wellness that often underpin physical health issues.
Given the growing popularity of health and wellness coaching, this venture could open up lucrative opportunities such as becoming a corporate wellness coach, personal trainer, or nutritional therapist. You could also specialize in areas like yoga teaching or herbal therapy, depending on your interests and career aspirations.
Whether you aim to supplement your income or transition into a new business entirely, the flexibility in time commitment and budget allows you to tailor this side business to fit your lifestyle and professional goals. This entrepreneurial pursuit not only diversifies your income streams but also enhances the holistic care you provide to your clients.
How much you can make: $100 — $300,000/month
How much does it cost to start: $800 (?)
How long does it take to build: 60 days (?)
Chakra5 is a mobile wellness team that generates $6k per month doing yoga/meditation/pilates classes, vegan cooking classes and sound baths on demand, boasting a strong online presence to attract and retain customers while also using free tools to keep monthly business costs below $100.
11. Become a mindfulness coach ($18K/month)
As a psychiatrist, you could leverage your expertise in mental health to branch out as a mindfulness coach, providing holistic support to your clients. Integrating mindfulness techniques into your practice can help your clients manage stress, lower blood pressure, improve sleep, and reduce anxiety and depression, thereby complementing the psychiatric care they already receive from you. This approach aligns well with evidence-based practices in mental health, offering clients a more comprehensive treatment plan.
Starting a mindfulness coaching business could also provide a lucrative side income or even evolve into a primary business venture. By creating a website and listing your services, starting a blog, and promoting your business on social media, you could attract a diverse range of clients interested in mindful living. This entrepreneurial endeavor not only diversifies your revenue stream but also fulfills a growing market demand for mental well-being solutions.
How much you can make: $500 — $40,000/month
How much does it cost to start: $7,500 (?)
How long does it take to build: 105 days (?)
Wandering Aunt founder Robin Finney shares her journey of starting a sustainable travel business, including her decision to leave her corporate marketing job of 11 years, using a simple website and free tools like Mailchimp to grow her email list and attract customers, and the importance of investing in a coaching program for support.
12. Start a community training and mentorship business ($21.4K/month)
As a Psychiatrist, you could leverage your expertise in mental health to start a community training and mentorship business. By developing personal development programs and workshops tailored for underserved groups, you have the potential to make a significant impact while supplementing your income. You could design a curriculum covering essential areas such as mental health awareness, stress management, and coping strategies, alongside career readiness and financial literacy.
With the flexibility to deliver these programs both in-person and digitally, you can reach a broad audience and ensure accessibility. This entrepreneurial venture not only allows you to uplift your target communities but also presents a scalable profit model by helping individuals achieve their personal and professional goals. It’s a rewarding way to apply your skills beyond the clinical setting and foster real-world success for your students.
How much you can make: $1,000 — $50,000/month
How much does it cost to start: $1,200 (?)
How long does it take to build: 57 days (?)
MentorCruise is a career coaching marketplace generating $24k MRR and processing $1M annually for mentors, with most traffic and sales coming from SEO and organic sources, currently looking to expand to the B2B market.
13. Become a music video director ($6.05K/month)
As a Psychiatrist, venturing into music video direction could offer a unique creative outlet that supplements your income and taps into a different aspect of human emotion and expression. Directing music videos involves overseeing the entire production process, from initial conception to final editing. Your deep understanding of human behavior and emotion could be instrumental in creating compelling and emotionally resonant music videos, enhancing both your professional fulfillment and financial portfolio.
To start, you could immerse yourself in the basics of filmmaking and photography, perhaps even drawing on therapeutic principles to tell impactful stories through visuals. By purchasing filming equipment and producing amateur music videos, you would not only gain the necessary experience but also build a portfolio that showcases your unique perspective. Entrepreneurship in this space allows you to merge your passion for mental health with artistic endeavors, providing a holistic approach to exploring human expression.
How much you can make: $100 — $12,000/month
How long does it take to build: 52 days (?)
Snake Oil Music News is a website that promotes new and emerging indie rock bands and artists, with a focus on reviews and live events, and has expanded to include merchandise sales and video content creation, looking for volunteers to help keep up with demand.
14. Start an instagram fan account
As a psychiatrist exploring entrepreneurial paths, starting an Instagram fan account could provide an interesting way to supplement your income. By choosing a public figure, brand, or organization you admire or are interested in, you could keep their fanbase updated and entertained with engaging content about their daily activities and breaking news. This approach could attract a considerable following, allowing you to earn profits through promotions and advertisements from relevant brands.
In addition, engaging with this type of project could provide a creative outlet that complements your professional expertise, helping you maintain a balanced work-life dynamic. Moreover, your understanding of human behavior and mental health could offer valuable insights into managing and growing your online community, making the fan account a unique blend of your interests and professional skills.
How much you can make: $500/month
A 15-year-old boy created an Instagram fan page for NFL player Ezekial Elliott which garnered 50,000 engaged followers and nearly 20,000 additional followers in the last two months alone, with currently no expenses aside from ads, and hopes to start selling his own products.
15. Become a herbal and ayurvedic products distributor ($270K/month)
As a psychiatrist, you could expand your professional scope and supplement your income by becoming a distributor of herbal and Ayurvedic products. The global market for Ayurvedic herbs is projected to reach $21.6 billion in the near future, underlining the growing interest in holistic health solutions that focus on maintaining a balance of mind, body, and spirit. Your medical background could provide you with a unique edge in understanding the benefits and applications of these products, making you a credible source for clients seeking alternative wellness solutions.
There are various models you could adopt, including listing products on popular eCommerce platforms like Alibaba or starting a dropshipping service. This flexibility allows you to tailor the business to fit around your existing practice and commitments. By capitalizing on the increasing demand for these holistic health products, you could create a lucrative side business that aligns with your expertise and passion for mental well-being.
How much you can make: $39,999 — $500,000/month
How long does it take to build: 178 days (?)
Aspiring founders can learn from how Herbal Goodness grew from a single product to a six-figure superfood brand by leveraging organic ingredients like papaya leaves and seeds, utilizing strategic partnerships, and maintaining patience and persistence, achieving impressive revenue growth from $300 in their first year to over $30,000 in the second year.
16. Start a dating app ($15.5K/month)
Starting a dating app could be a lucrative and fulfilling venture for a psychiatrist, leveraging your deep understanding of human relationships and mental health. Your expertise could uniquely position you to design an app that promotes healthy, meaningful connections and emotional well-being among users, setting it apart in a competitive market.
The online dating industry is burgeoning, with market size projected to reach $10.87 billion by 2028, indicating significant revenue potential. By partnering with a robust development team, you could create a sleek, user-friendly platform that incorporates psychological insights and therapeutic principles, offering users a safer, more supportive dating experience. This entrepreneurial endeavor could supplement your income while allowing you to impact people's lives in a positive, innovative way.
How much you can make: $1,000 — $30,000/month
How much does it cost to start: $500 (?)
How long does it take to build: 182 days (?)
Michele Velazquez's Marriage Proposal Planning company, The Heart Bandits, has made over $5M planning proposals for NFL athletes and busy executives across 5 continents.
17. Start a plus size t-shirts business
As a psychiatrist, you could leverage your understanding of body image and mental health to create a plus-size t-shirt business that addresses the often overlooked need for fashionable and comfortable clothing for this demographic. Your insight into the challenges and self-esteem issues faced by individuals who struggle to find clothing that fits well could be a driving force in offering a product that not only meets their physical needs but also promotes positive self-image.
Starting a plus-size t-shirt business allows you to use your empathetic skills to connect with your target audience on a deeper level, creating designs that resonate with them. This side venture could provide a refreshing creative outlet and a meaningful way to make extra money, while also empowering your patients and others by offering stylish, body-positive clothing choices.
18. Start a career advice business ($27.9K/month)
Starting a career advice business could be a natural extension of your role as a Psychiatrist. Your deep understanding of human behavior and exceptional listening skills uniquely position you to offer valuable, empathetic guidance to individuals navigating career transitions or seeking professional growth.
You could leverage your expertise to provide personalized consultations, host workshops, and develop online resources tailored to various professional paths. With the increasing demand for expert career advice, particularly for mid-career changes and skill upgrades, your insight into mental wellbeing could provide a holistic approach that sets your services apart.
Additionally, establishing credibility through client success stories and relevant certifications would help you build a reputable practice. This venture not only supplements your income but also allows you to have a tangible and positive impact on people's professional lives.
How much you can make: $3,000 — $100,000/month
How much does it cost to start: $1,000 (?)
How long does it take to build: 75 days (?)
Loopcv is a job search automation platform experiencing 15% monthly growth, offering solutions for bootcamps, universities, career coaches, developers, recruitment companies, job boards, affiliates, and companies looking to perform internal restructuring.
19. Start a thrifty resale business
As a psychiatrist, starting a thrifty resale business could provide a rewarding way to supplement your income while tapping into entrepreneurial interests. You could leverage your keen observational skills to source quality items at a bargain, whether through estate sales, thrift shops, or online marketplaces, and then resell them at a profit. This not only adds a financial buffer but also allows for a creative outlet beyond clinical practice.
Additionally, your therapeutic understanding of human behavior could be beneficial in the resale market. Knowing what types of items resonate emotionally with buyers could give you an edge in selecting and marketing your inventory effectively. With minimal start-up costs, a thrifty resale business could be a scalable side gig or even a full-fledged business venture, offering flexibility to your professional schedule.
20. Start a lifestyle management service
Starting a lifestyle management service could be a natural extension of your expertise as a Psychiatrist. Your deep understanding of mental health, stress management, and overall wellness places you in a unique position to offer services that help clients balance their hectic lives. You could provide personalized plans that include mental health strategies, stress reduction techniques, and time management skills, creating a comprehensive approach to improving your clients' quality of life.
In addition, your therapeutic skills could be invaluable in offering one-on-one coaching or workshops that address the psychological barriers often faced in achieving a balanced lifestyle. This could not only diversify your income streams but also enhance your professional fulfillment by enabling you to support your clients in a more holistic manner.
21. Start a stress management consulting business
As a Psychiatrist, starting a stress management consulting business could be a natural extension of your current skill set and expertise. This venture leverages your deep understanding of mental health to help individuals and organizations develop effective strategies to manage and reduce stress. You could provide personalized techniques and strategies such as mindfulness training, relaxation techniques, and time management workshops, making a tangible impact on clients' lives.
Given the rising awareness around mental health and wellness, the potential for success in this field is substantial. By offering customized stress management plans, you could not only earn a steady income but also find personal satisfaction in knowing you’re making a positive difference. Utilizing digital marketing, social media, and word-of-mouth can help grow your client base, whether you operate online or in-person. Your expertise, empathy, and effective communication skills will be key to thriving in this business.
How much you can make: $300,000/month
This case study article follows Vicki Mayo, who developed a stress-reducing wearable product for her company TouchPoint, which achieved over $2 million in sales in the first couple of years and has been used for stress relief over 3 million times.
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Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
