So you want to talk about entrepreneurship, nursing, and finance? Well, you have come to the right place! If you are a nurse that is exploring his or her options in careers outside of clinical settings, then congratulations! Most nurses never even think about non-traditional nursing careers to begin with.
But now more than ever, nurses are leaving their bedside jobs to start their own businesses and find unlimited success as nurse entrepreneurs. It’s an exciting time to be a nurse entrepreneur, and there are so many interesting entrepreneurial options to explore!
Exploring your options is a good place to start when you are traveling down the road to success. But just like any other unknown journey, the road to entrepreneurship is paved with doubts, insecurities, and a lot of questions, mainly, questions regarding nursing entrepreneur finance.
Entrepreneurship, nursing, and finance all come into play when you are starting your own business, and we are here to answer your questions and provide you with some insights on personal finance for nurse entrepreneurs.
Entrepreneurial nursing finance does not have to be complicated. Keep reading to find out more about how to finance nursing businesses.
Can Nurses Be Entrepreneurs?
Before we dive into nursing finance management and funding, let’s address the elephant in the room, can nurses even be entrepreneurs? Well, let’s address that with another question. Why can’t nurses be entrepreneurs?
In today’s competitive market, nurses bring a special set of skills to the table by offering wellness services outside of clinical settings. In some cases nurses may provide mobile wellness services that are delivered directly to their clients’ doors!
When it comes down to it, nurses have the knowledge, skills, and motivation to be successful entrepreneurs, as long as they are providing services within their legal scope of practice.
Legal Scope of Practice
Legal scope of practice refers to the state laws and regulations that define the services that professionals are and are not allowed to provide under their professional title.
Scope of practice is often determined by education, training, and state licensure. Depending on your state, there are a range of business opportunities in which you can earn well and remain within your legal scope of practice. For specific on scope of practice you can find information online, or consult a legal professional.
5 Ways to Finance Your Nursing Business
Entrepreneur nursing finance management can be challenging, especially in the first few years of starting your own private nursing business. However, entrepreneurship, nursing, and finance are all important aspects of running a successful nursing business–regardless of trade!
If you are stuck on the subject of nursing entrepreneur finances, or worries about personal finances for nurses, let us ease your mind with these five practical and smart ways to finance your new nursing business.
1. Bank Financing
One of the most popular nursing finance options for starting a business is through bank loans. While bank loans are common, they are not always the best nursing entrepreneur finance option for new nurse business owners, and here is why.
Banks often prefer to lend to companies or individuals that have a proven history of stability and profitability, they do not often like to take risks on new business owners. Another reason why this type of personal finance for nurses is uncommon is the high interest rates and stifling terms.
The upside with bank loans is that you can often get enough seed money to get your business off the ground quickly.
2. Self Financing
Self financing is a risk, but nine out of ten times it’s worth it! Taking your own savings and investing it in your dreams can feel like a big mistake, but there are a lot of benefits of this type of personal finance for nurse entrepreneurs. Here are some of the benefits of self-business nursing financing:
- There is no question as to exactly how much money you have available to run your business with self nursing finance–but you must be strict when it comes to nursing finance management!
- Self nursing finance gives you much more control over your business than any other nursing finance option. No worrying about having to answer to others, you can run your business as you’d like.
- When you self finance you do not have any choice but to live within your means. This can help you prioritize your business expenditure and steer away from excessive or unnecessary spending.
3. Investor Funding
When we are discussing the topic of nursing and finances we can not leave out investor funding!
Do you have friends, family, or colleagues that believe in your dreams? If so, then investor funding may be a good choice for your nursing business. This route of financing can provide personal finance for nurses that are looking to set up businesses quickly.
Unlike self-funding that usually starts out small and grows with you, investor funding can give you all of the nursing entrepreneur finance that you need upfront to hit the ground running. Here are some other benefits of this nursing finance option:
- You can always seek more investors as your business grows.
- Investor financing does not impact your credit.
- Your investors may have some good ideas and skills that enhance your business.
4. Purchase Order Finance
This unique nursing finance option generates capital to pay for finished goods based on your client’s purchase order. In order for purchase order funding to work, you must be offering tangible products and find a finance company that pays your supplier directly. Depending on your business and offered services, this may or may not be a viable nursing entrepreneur finance option.
5. Business Credit Cards
You may be surprised to see this form of nursing finance on our list, but it actually could be your best nursing finance management option. Nursing and finances are complicated, but with a business credit card things can feel more simplified.
The main benefit of using a business credit card is convenience. Another valuable benefit of business credit cards is the ability to track your expenditure carefully, which is key to good nursing finance management.
Get Started
At NursePreneurs we are proud to help you connect the dots between nursing and finance with a range of nurse entrepreneur business opportunities for RNs, NPs, and other qualified healthcare professionals. By advising on how to finance nursing business, set up operations, develop a website, and more, we help you get your business off the ground so you can get the best start when establishing a thriving nursing business.
We provide support for a wide range of nursing businesses such as IV Hydration, Concierge Nursing, MedSpas, Legal Nurse Consulting, Homecare business, and much more!
Have questions about nursing entrepreneur finance? Need help trying to figure out nursing finance management so you can open your business? Trying to understand how personal finance for nurses works?
Whatever the need, we are here to answer your nursing finance questions and support you when launching your business. Book a discovery call today to learn more!