Profitable nursing businesses don’t happen overnight. They don’t happen by chance, and they don’t happen to just anyone. Profitable nursing businesses are the result of hard work from relentless nurses in business for themselves that make strategic steps toward creating businesses that are not only profitable, but valuable to others.
Every day nurse entrepreneurs like you are creating profitable nursing businesses to inch away from bedside nursing and toward the wonderful world of entrepreneurship. While there are several self-employment ideas for nurses, some of the most common types of home based business for nurses include:
- In-Home Care
- Health Coaching
- IV Hydration
- Chronic Care Management
- Concierge Nursing
- Cannabis Consulting
- Content Creation
- MedSpa Services, and so much more!
Whatever the business idea, nurses in business for themselves are susceptible to running into challenges along the way. While challenges can be expected, nurse entrepreneurs need to push through with perseverance to get out on the other side.
Half of overcoming challenges is understanding what those challenges are. We are here to help nurses in business for themselves understand the potential challenges they may face when learning how to start a private nursing business.
Here are four of the most common things holding nurse entrepreneurs back from creating profitable nursing businesses:
1. Your Current Job
If you are a nurse entrepreneur, and currently working as an employee for someone else, then you know just how difficult it can be to balance your work life. You want to create a profitable nursing business, but you also need to focus on your current position so you can support your lifestyle in the meantime.
Maybe you are even using your current job to fund your dreams? Or maybe you really like your day job, and you are not quite ready to give that up to be a full time nurse entrepreneur?
While the challenges of creating a home based business for nurses are great, they are multiplied when you factor in your current job. If that sounds like you, then check out these tips to help you learn how to start a private nursing business while still keeping your day job:
- Learn how to manage your time.
Time management needs to be at the top of your list when setting up profitable nursing businesses. Whether you are a part time employee or a full-time worker, you need to have a schedule with time allotted for work and time allotted for setting up your empire.
By dividing time into manageable segments, nurses in business for themselves can balance their entrepreneurship, personal lives, and current work positions – it’s all about finding balance!
- Cut back your hours at your day job.
As nurse entrepreneurs we like to be superheroes, doing everything for everyone. But the reality is that self employment ideas for nurses take up a great deal of energy to transform from an idea into profitable nursing businesses. It may make more sense to cut back on your current work hours so you can dedicate more time to your dreams.
- Use your salary to create an emergency fund.
Every startup needs an emergency fund. When you are working and starting a home based business then you have a leg up on the competition. Set aside a certain percent of your income each month to make an emergency fund–you will never know when it will come in handy.
- Set up a monetary goal so you can eventually quit your day job.
You can not expect to be a full-time nurse entrepreneur and work at your day job full-time. Eventually you will need to let go of your day job, but before you do, you need to have a realistic monetary goal in place that gives you an easy-out.
For example, you can set a monthly earnings goal in place, or have a savings goal to work toward. Keep in mind that you need to have some sort of income, so you should not give up your day job if you’re not earning yet.
It is no secret that starting profitable nursing businesses while still working is difficult–but it is not impossible! Remember that all the late nights, meetings, and stress will eventually pay off if you persevere.
2. Lack of Organization
Disorganization is your greatest enemy when creating a home based business for nurses. Lack of organization starts small. It could start with a disorganized desk that decreases your productivity. Or maybe it looks like a lack of monetization? Staying organized can do wonders for the overall success of your company. Here are some ways in which you can monetize your business and stay organized when building profitable nursing businesses:
- Stop Multitasking
If you pride yourself on multitasking, then you may be surprised to discover that multitasking is the enemy of organization. It is actually scientifically proven that multitasking makes you accomplish less.
- Declutter Your Desk
The organization of your workplace is essential. Investing in a good desk, organizers, and other products that help you declutter can actually increase your productivity.
- Use a Planner
Using a planner, whether digital or physical, can help you stay on track. From keeping on top of deadlines, meetings, and even personal appointments you can stay organized and manage your time well.
- Two-Minute Rule
There’s an awesome trick for staying organized, and it is called the two minute rule. The two-minute rule works like this: if it takes two minutes or less, do it right away.
- Schedule Your Workday
Plan out your schedule before tackling the day so you can manage all of your tasks and be goal oriented throughout the day.
Organization starts small. Start working on the little things now, so that when you have a hugely popular business you can stay on top of your workload.
When your voice and your message are inconsistent, then your entire business is inconsistent. If you are constantly changing your visions and goals for your home based business, then people will start losing trust in you. When you stay true to your vision and your goals, then everything else will fall into place.
Sure, small things are bound to change when you are establishing profitable nursing businesses, but your vision and mission needs to remain consistent.
Consistency is not just limited to founders, it extends to all current and future employees. You all need to be working with the same mission in mind.
Having trouble connecting your workers with your company’s mission? Here are some ways in which you can get everyone on the same page:
- Develop and frequently reinforce a company mission statement.
- Articulate your company values and make sure that all future employees understand your vision before bringing them onboard.
- Hold frequent company-wide meetings that keep your team engaged.
- Work with your team to set individual goals and provide them with the tools and education needed to reach those goals.
- Reward your employees for good work with rewards that are linked to your vision and mission.
Did you know that the startup failure rate for new businesses is over 20% in the first year? Why? Bad marketing.
Every business both large and small needs to have a bullet-proof marketing strategy in place. Growth does not happen overnight. It is the result of strategy and marketing–so what is your strategy?
If your business plan does not include a successful marketing strategy, then check out these tips for developing a solid marketing plan:
- Define your voice and branding
First thing is first, you must find your voice. What does your brand represent? Who is your target audience? Asking yourself these questions helps you discover the right marketing strategy for your startup.
- Determine your tactics
Not every form of marketing is going to be right for every business. You need to figure out if digital marketing is the right way to go, and if so, what strategies make sense for your business. Maybe it is SEO? Maybe Google ads are the best fit? Chatting with a consultant can help you determine the best course of action.
- Invest in high-quality content
High-quality content is the key to connecting with your ideal audience. From podcasts, blogs, e-books, social media posts, and more, good content can go a long way!
Note that you may need to meet with a marketing consultant or connect with a digital marketing agency to enhance your marketing game and develop a strategy that works for your business.
No matter if you are just getting started with your business or you are hoping to create sustainable growth, you need to be aware of the challenges you face to create an action plan to prevent issues from holding you back.
Are you looking to join the thousands of nurse entrepreneurs just like you who are creating profitable nursing businesses? At NursePreneurs we not only offer nurses in business for themselves a range of self-employment ideas for nurses, but a step-by-step blueprint on how to start a private nursing business.
Choose from our courses or let us come alongside you to grow your business through design services, exclusive Facebook memberships, and other tools and education needed to create a successful home based business for nurses. Book a discovery call today or visit our website to get started!
Now’s the time to take control of your life and career. We’re looking forward to working with you!