How To Become a Nurse Entrepreneur
The first two years of the COVID-19 pandemic have revealed the vital role that nurses play in our healthcare system. Sadly, it's also revealed how undervalued many nurses are. A survey conducted by the American Nurses Association revealed that many nurses do not feel supported by their workplaces: only 32% of participants answered "Agree" or "Strongly Agree" when asked whether they thought their organization cared about their well-being. Of the nurses who intended to leave their current position in the next six months, 40% listed lack of support from their employer as one of the reasons impacting their decision.
The added pressure and stress that the pandemic has put on nurses across the country has prompted many to look for other ways to make a living outside of hospitals and other healthcare institutions by becoming nurse entrepreneurs. If you're a nurse who has found themselves questioning your ability to continue working in a hospital or other healthcare organization because of the pandemic, or if you are considering becoming a nurse but are worried about the toll that the profession might take on your mental health, you're not the only one—and it might be time to consider becoming a nurse practitioner entrepreneur.
What Is a Nurse Entrepreneur?
Nurse entrepreneurs use their training and knowledge as nurse practitioners to develop and launch businesses within the healthcare field. Some examples of potential business opportunities available to nurse entrepreneurs include becoming an independent nurse contractor, teaching or administering continuing education programs, healthcare consulting, or developing and selling medical devices.
The types of opportunities open to nurse practitioner entrepreneurs are more varied and diverse than you might think. As with entrepreneurial ventures in other fields, the only limit is your imagination! Keep reading for some tips and guidance on how to become a nurse entrepreneur—even if you're not sure what that might look like for you yet.
Get Certified
Of course to be an entrepreneur, you've got to first be a nurse, which means earning your RN (Registered Nurse) title. Most people do this by pursuing a BSN (Bachelor of Science in Nursing); however, accelerated and associate's programs are also available. After earning their degree, all nurses take the NCLEX-RN certifying exam. Depending on your particular goals, you might then consider going on to earn an advanced degree such as an MSN (Master of Science in Nursing), a DNP (Doctor of Nursing Practice), or even an MBA (Master of Business Administration).
Determine Your Niche
Before you start planning anything, the most important step in starting your nurse entrepreneur journey is establishing your direction. To this end, you'll need to do some reflection on these essential questions:
-
What are you good at?
-
Where do your passions and interests lie?
-
What needs do you see in your field?
-
What skills and knowledge do you have that might provide a solution to those shortcomings?
Hopefully, answering these questions will help you narrow down the possibilities and start to hone your vision a little bit more. If you're having trouble finding a niche or determining which direction is best for you, consider working with a mentor who can help guide you through that thought process.
Identify Your Services and Target Market
Once you've outlined the basic premise for your business, it's time to start getting more specific about what you'll be doing and whom you'll be serving. Make a list of the services that you're prepared to offer, as well as your ideal client. For example, if you've decided to become an independent nurse contractor who provides home health services, it's a good idea to decide ahead of time whether you'd prefer to provide routine care to geriatric patients or in-home post-operative care to trauma or surgery patients. Knowing your target audience will also help you know where and how to market yourself.
In specifying your services, you'll also want to determine how you'll get paid. Will you adopt a fee-for-service model, or charge on an hourly basis?
Stay Organized
Nearly anyone who has started a business will tell you that life as an entrepreneur can get hectic fast, and that's equally true for nurse entrepreneurs, particularly if you're juggling multiple clients or if you wind up hiring employees. To prevent yourself from becoming overwhelmed and ensure that you can keep up with all of your administrative duties, make good use of tools such as scheduling and billing software, and establish a protocol for communicating with clients. Developing a routine and staying organized is essential for nurse practitioner entrepreneurs.
Market Yourself
Once you've got a firm grip on your business operations, it's time to get the word out. Social media can be a valuable marketing tool, as can utilizing networks and existing contacts that you have within hospitals or healthcare systems. The type of marketing strategy you decide to focus on will depend largely on your target audience, so make sure you pick a platform and approach that will make you visible to the type of prospective clients you want.
Find a Balance
A successful nurse entrepreneur can have a flexible, lucrative, and fulfilling career. However, some nurse entrepreneurs warn against the dangers of working too hard in the early days of your new business. While it's not uncommon for entrepreneurs to want to pour their heart and soul into their new business, if you're not careful, you may put yourself in danger of the same sort of burnout and stress that many nurses are trying to escape in hospitals and organized healthcare. Whatever path you choose, be sure you're making time for yourself.
Sky's the Limit is a nonprofit organization that is committed to helping members of underrepresented communities succeed. We provide invaluable resources for entrepreneurs, including Economic Capital in the form of business funding and Social Capital via one-on-one mentors who can steer entrepreneurs through the difficulties of starting a business. If you are an entrepreneur looking for capital or other resources, sign-up today to join the Sky’s the Limit community!
