As album sales and music streaming income to musicians continues to plummet, Taylor Swift, the singer and enterprising businesswoman, has embarked on another method of capitalizing on her talent: trademarking a flock of phrases from songs on her recent album, 1989.
Merchandise sales have become a money-maker for performers. By gaining trademark protection for chosen phrases, Swift will become the only one legally permitted to sell T-Shirts and other items branded with her protected intellectual property.
If Swift thought of herself as a singer only, she’d only be profiting from singing.
As medical group income is attacked on multiple fronts, you, too, can go outside of your traditional business model to increase your income.
What other streams of income, from products and services, can be created in respect of patients or non-patients?
Don’t think of yourself as a “doctor” or as a “surgeon” or as a “left nostril only ENT.” Instead, think of yourself as having a supply of intellectual capital: the thoughts, processes, ideas, solutions, and so on that you possess.
One way that you use that capital is within the bounds of your traditional practice of medicine. But what other uses are there for that capital up there in your head? In your group’s collective heads? And, how can it be deployed and exploited?
Medical income is going down but your income doesn’t have to.
Take a sad song and make it better.
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Mark F. Weiss
