Starting a business requires a lot of effort, not to mention a lot of research and planning. As a nurse, you have the opportunity to learn about so many different aspects of the healthcare industry, from patient care to marketing strategies. But how do you get started? There are numerous business ideas available to you. The key is narrowing down your search to only those that are suitable for your situation. Check out these tips for starting a profitable business as a nurse.
1. Research
A quick search on Google or Yahoo will give you an endless list of great business ideas that you can start. Use these sites to learn as much as possible about a particular business idea and to see if there is any negative feedback or mentions of scams in the area.
Be sure to do your research even after you narrow down the ideas that interest you. It would help if you also asked others, such as fellow nurses, medical professionals, and even your family, for their opinions about certain business ideas. Their input will likely be beneficial to you.
2. Obtain the Required Licenses and Training
Depending on your chosen business idea, you may need to obtain specific training and receive a permit or license. Licenses and permits can be hard to get. This can be a real turn-off for some nurses. But the good news is that many states don’t require nurses to have a specific license to start their own business. You should still check with your local government to make sure that you don’t need a special license, especially if your business idea requires you to dispense medicine or provide other medical care. For instance, a nurse entrepreneur who wishes to open a chiropractic or massage therapy business will need to obtain state-issued licenses.
Before initiating any investigation, make sure you have permission from your employer and the hospital you work for. Many hospitals have a policy that states that employees are prohibited from starting a business during the time the hospital employs them.
3. Decide on Your Business Structure
Business structures are generally categorized as sole proprietorships, corporations, partnerships, and S-corporations. A sole proprietorship is the simplest form of business to start because there aren’t many requirements or regulations. However, a sole proprietorship is also the riskiest because you have unlimited liability for any debts or lawsuits your business incurs.
Corporations are fairly easy to start as well. You will need to file articles of incorporation with your state government and receive a federal tax ID number after forming your corporation. You also need to select corporate officers, such as a president and vice presidents, to manage different parts of the business.
4. Decide on Your Name
The name of your business should reflect the services you offer or your target customers. You should also take a few moments to conduct a search for similar businesses in your area. The last thing you want to do is register a business name that is already being used. You could end up losing some clients and hurting your reputation in the process.
Your company name can determine how successful you are as an entrepreneur. Try to pick a name that is catchy and memorable. Keep in mind that names are often trademarked, and infringement can incur harsh penalties.
When choosing a contact name for your online store, also make sure it’s something you feel good about. If people can remember your business by the contact email address you provide, they will be more likely to buy from you.
5. Choose a Niche
A niche is a subset of an industry. You should narrow your business idea down to a particular niche in healthcare. This will help you to cater your services to the customers that need them the most. For instance, if you want to open a women’s health center, you can choose from numerous niches, such as pediatrics or prenatal care. As for general healthcare, there are numerous subcategories within the industry as well, such as physical therapy clinics and cosmetic surgery offices.
Conclusion
Many nurses dream of starting a business on the side. They are often intimidated by the idea of starting their own business. These tips for starting a profitable business as a nurse can help you to get started quickly and stay motivated along the way. You must first decide what you will sell, how you will market your services, and whom you will be working with. Remember that the more research you do, the better prepared your business will be for success.
