Nursing entrepreneurship or nursingpreneurship/entrepreneurship (as I call it) is quickly becoming a popular option for those in the nursing profession. Many nurses are looking to start their own healthcare service, sometimes even branching out into other related sectors such as psychiatry and paediatrics.
As the demand for medical care increases, more nurses are looking to start their own business instead of working at a hospital or clinic where they may not have as much control over how they provide care.
By being an entrepreneur, nurses can use public financing options, including grants and loans, to fund the initial phases of their business without having to resort to loans from private lenders like banks or credit cards. They can also make new connections with potential clients by meeting with professionals in similar industries at conferences.
However, starting a business from scratch can be confusing and intimidating to some nurses. Nurse entrepreneurs often wish they could turn to someone for advice on how to start their businesses but are hesitant because they don’t know how it works or what types of services it offers.
This article will discuss tips for nurse entrepreneurs, such as: Where nurses can find financial assistance, ways of making marketing the business more effectively, and what factors influence the success of nurse entrepreneurs in general.
First off, who is a Nurse Entrepreneur?
A nurse entrepreneur is an individual who has the goal of starting their own healthcare service. They use their education and training in nursing to market themselves to clients and patients, setting up business in either a physical location or an online platform. Once they obtain their clients, they provide them with the healthcare they need, usually in exchange for a fee.
If they are providing services only to patients at a hospital or clinic, they would be considered an employee of the hospital. However, if they have enough capital and financial management skills to start their own business, this would be regarded as entrepreneurism.
To that end, nurse entrepreneurs can take different routes. For instance, some might incline towards solo practice while others could partner up and even join groups with more than three people. Some could even choose to be affiliates (also known as designated representatives) who charge their own fees for their particular service.
What are the benefits of working in a non-traditional setting?
More control
A non-traditional setting can be beneficial to nurse entrepreneurs as they have more control over the work they do and their standard of living. They also have the opportunity to build a business around a passion or skill that is important to them. This can be highly beneficial to their patients as they will have the means to offer their specialized services to many people. Their personal lives can also be more balanced if they can work from home or from a location where their family is close by.
More flexibility
Nursing is a high-stress job that requires nurses to be available at all hours. However, in some non-traditional settings, this is not as big of a problem for nurse entrepreneurs because their schedules can be more flexible. They can even work from wherever they are most comfortable, including their home or another local office or location, as long as it doesn’t interfere with the services they provide to their patients.
More time
While working in a non-traditional setting is more stressful, it is also less time-consuming. With more control over the work environment, nurse entrepreneurs have the ability to decide where they live and how much work they are willing to take on. It is often possible to adjust to families’ schedules within this setting or even let children come with them when making house calls. Naturally, as is evident, the flexibility offered by this option allows for more family time.
Higher-income potentials
Because nurse entrepreneurs can offer their services to a wider population base, they can charge higher rates and hire employees so that they can focus on other areas of their business.
As a result, some nurse entrepreneurs can earn a comparable income to that of a physician but without a high level of responsibility or stress.
Successful nurse entrepreneur tips
Ultimately, the most influential nurse entrepreneurs are the ones who can set up their businesses without losing sight of the fact that at the base of it all, their goal is to provide quality medical care.
By maintaining a good work/life balance, nurse entrepreneurs can set themselves up for success by providing patients with quality healthcare while also growing their businesses.
Start by asking yourself what type of healthcare you want to provide and consider what kind of a setting you would prefer while remaining flexible enough to consider other options should they arise.
First things first, know if entrepreneurship is right for you
To decide if entrepreneurship is right for you, you should first look at your skills and the local market’s needs. A nurse entrepreneur should have good interpersonal and communication skills to best serve patients without alienating others.
If a nurse does not like being in front of people or talking about their profession, entrepreneurship may not be the right option. They should also consider if their health plan will allow them to take on outside projects while caring for patients or if they will have to hire additional help, such as a Personal Assistant, to cover their responsibilities during off-hours.
Develop an entrepreneurial mindset
Regardless of the setting, the entrepreneurial spirit is not just about money. It is about finding solutions, problem-solving, and turning challenges into opportunities.
An entrepreneurial nurse will ask questions like:
- Is there a need for this service or product in my community?
- Where would I find customers?
- How can I make it better or cheaper?
- How would I price it?
Identifying blockages to success and developing strategies that get around them is an essential skill for nurse entrepreneurs to have as they grow their businesses.
Know your surroundings
To create a successful business as a nurse entrepreneur, you must know what types of businesses are best suited for your community. Take a good look at what is already in your community, such as the types of businesses and the associated services that are offered.
Are there any needs that are not being met by local businesses? What can you bring to your community that will fill these gaps? If you’re still unsure, talk to other business owners and learn about trends in your community.
As a nurse entrepreneur, keeping up to date on the latest news from local professionals can help you develop an effective plan for your business.
Find a mentor
In order to build a successful business, it’s essential to have someone who has gone through the process of starting their own business before. This person can be a fellow nurse or an investor who has been through the process before. It is also helpful to have a mentor in the industry who can provide you with knowledge and advice on marketing, financing and payment methods, legal issues and more.
Consider collaborating with other nurse entrepreneurs
In most cases, nurse entrepreneurs are a minority. To successfully compete with larger companies and provide quality care to patients, they need to find ways to work together with other nurse entrepreneurs.
The goal is to improve the quality of care for patients by reducing costs and providing more options for patient care. Nurse entrepreneurs can bring a unique perspective that other professionals cannot and should not be afraid to share their ideas with people who have been through the process before.
Hold onto your passion
It may seem like a contradiction, but caring about what you do is vital as a nurse entrepreneur because it keeps your motivation at the top of your priority list. Nurse entrepreneurs may receive complaints from patients about the cost of their services or feel like they are not making enough money to provide the best care for patients. This is where you should remember that providing quality care is more important than money.
And while this might sound cliche, you must understand that your perspective acts as a source or perhaps gives you a push in a certain direction. Eventually, then, it’s your choice to be on a specific path. So, it’s always better to keep things crystal clear so that there’s no discrepancy whatsoever in the end.
Find other nurse entrepreneurs in your area
If you’re not into collaborating, it’s completely alright. But you can at least connect with other nurse entrepreneurs for learning. Nurse entrepreneurs need to know what’s going on in their community and must use social media to stay informed.
By connecting socially with other nurses, you will have the means to share your ideas and learn from others’ knowledge and experiences. Start by joining operational nurse networks around your area.
Develop a business plan
A nurse entrepreneur should be able to write up a business plan that communicates the mission and goals of the company. It is essential to include everything from how they would set up their office to how they would treat their patients.
Nurse entrepreneurs should also make sure this document is well organized, so it is comparatively easier to follow. A business plan will help you figure out your goals and determine if your company is profitable and sustainable in the prolonged run.
Seek out investors and raise capital
Even with a good plan, many nurse entrepreneurs rely on getting funding from friends or family. While this may work for some, nurse entrepreneurs need to be proficient with financing before starting their businesses.
To raise capital, nurse entrepreneurs should research to see if any program will fund their company. A good way is to leverage the network and develop relationships by working together with other nurses and physicians and asking them about how they run their businesses and perhaps what’s the secret to their funding.
Get sponsored
Nurse entrepreneurs should not shy away from sponsorships that are related to their specific field of work. If you’re a nurse entrepreneur, for example, you could find a way to give back to the community by partnering with an organization like the Australia College of Nursing or an organization devoted specifically to cardiac nursing.
By getting out there and applying for these opportunities, nurse entrepreneurs can access resources that could help them continue their businesses.
Ask for help
Nurse entrepreneurs should not be afraid of asking for help in areas where they are lacking. Asking these questions will help them find out what they need to run their business better. If they have a question that they don’t know the answer to, they can refer to their business plan for help. They can also reach out to other nurse entrepreneurs in the area who may have helpful advice.
Go after grants
As the saying goes, “the money is in the funding” – nurse entrepreneurs should take advantage of government funding opportunities that are available in their communities.
Grants help nurse entrepreneurs get started and provide them with practical training on how they can be earned and utilized.
Focus on quality of service
Nurse entrepreneurs need to deliver quality healthcare and be able to provide care for their patients without straining themselves. In times of high demand, nurse entrepreneurs must be extra diligent so that they are at peak performance when it’s most needed. This can be a challenge because nurse entrepreneurs also need to focus on their business, but it is what it is. In the end, you reap rewards that others would only dream of.
Regularly evaluate yourself and your business
The nurse entrepreneur should also make sure to spend time evaluating the current quality of their business and be willing to make changes if needed.
The ability to identify what aspects of a healthcare office could be improved is vital for the business to flourish. In addition to this, nurse entrepreneurs should also spend time evaluating themselves as a person in order to determine their strengths, weaknesses, and skills — this is perhaps the most underrated yet most valuable quality of successful entrepreneurs.
Be prepared for literally everything
Some states and/or countries require that nurse entrepreneurs have a license to practice, so it’s important to talk to them before moving forward. Additionally, nurse entrepreneurs should be careful to have the proper insurance in case they are sued or need professional services later on in their business.
Finally, as a nurse entrepreneur, you need to know that there will be times when you will feel overwhelmed and exhausted, but remember what your goals are and keep them in mind as you build your business.
Wrapping up
In conclusion, there are a lot of things you need to think about when becoming a nurse entrepreneur. From the proper nurse practice structure to how best to structure your finances and when it’s time to hire others in your business, a lot of diligence needs to be put into becoming a nurse entrepreneur.
Nurse entrepreneurs are the new breadwinners for many families and need to understand the challenges they will face in their business with great patience. Not all nurse entrepreneurs start with an already established office or nursing career. However, that doesn’t stop them from becoming successful in the long run.
Thanks for reading this article, if you have any suggestions about the same, I’m all ears.
Leave your thoughts in the comments section below.
