5 things to have in place before becoming a nurse entrepreneur
In the last twenty years, more and more nurses have joined the ranks of nurse entrepreneurs. Starting your own independent practice is possibly one of the most exciting and potentially rewarding activities you can engage in. There is no limit to what you can achieve through private enterprise. But even if you have a superb idea and it feels like you’ve done a lot of research and checked your piggy bank to make sure you’re on solid financial ground, it’s tricky to know when you’re ready to make the leap from a secure job to an informed risk.
Here is a checklist of the top 5 things you need to have in place to help you decide whether or not you’re ready to become a full-time nurse entrepreneur.
□ Passion – As a new entrepreneur it is crucial to have a passion for what you do. While passion is not enough on its own, it’s an essential prerequisite for a successful business venture. Make sure you’re excited about starting a business, and not just making a change because you don’t like your current job.
□ Belief – Before starting a business, you should ask yourself – “Do I truly believe in this product or service?” You must to be a true believer in your business idea or innovation because going forward you’ll face a steep learning curve of challenges, obstacles, and the inevitable stream of rejection as you get things off the ground. Only with a strong belief in your product or service will you be able to rise above the obstacles you’ll face.
□ Market – One of the keystones of a starting a new business is to ensure there’s actually a market for what you’re selling. In an Ideal world, your business will live at the junction of something you love and where there’s a real need for what you’re presenting to your clients. Before quitting your day job, do your market research properly and make sure there’s enough market demand.
□ Business Plan – Starting a business is a huge financial commitment, and nose-diving into your project without a solid plan is almost a guaranteed recipe for disaster. It’s alright to start small with a “back of the napkin” framework, but then you will need to formally flesh out your business plan over time with important components such as market research, a solid marketing plan, revenue projections, and a pathway to profitability.
□ Education – Even if you have some expertise in the field of your business (and you should at least have testimonials, certificates and diplomas related to your field of nursing to prove it), you still need to be ready to educate yourself on an ongoing basis. Starting a business will be an intense learning experience in so many areas that you may not have thought of or have little experience in. Before getting started, make sure you’re ready to acquire as much information and/or nurse entrepreneurship instruction as possible, and be a great student each step of the way.
Are you ready to take the next step and dive into the entrepreneurial world? Learn more about our entrepreneurship program.