Being a solo nurse entrepreneur is the practice of selling your professional skills built as a nurse, as your own boss, and as a liaison to your own clients. Entrepreneurs answer to themselves, working through platforms and networks but ultimately choosing the jobs they take. Self-directed work can also be more immediate, available at any moment, and for potentially any length of the project. So it’s no wonder that professionals from all career paths, including nurses like yourself, find themselves planning to break free and fly solo.
Making the transition is more involved than most people realize before they begin. Here’s what you need to know if you plan to be a solo nurse entrepreneur either part or full-time.
Define Your Product and How Much to Charge as a Solo Nurse Entrepreneur
The first and most important thing to decide is your product and price. What exactly do you offer, and what will you charge for it? Determine the industry range of prices asked for your type of service or product. Are you offering innovative medical inventions or hourly personalization services? Everything has value and your business is built on the right balance of value and time.
Consider what you would have to make per month, project, or client to stay afloat with your planned lifestyle. Determine what you might have to offer that could increase the quality, value, price, or demand for your product. This will give you a good baseline for how to quote the cost of your services as a self-directed nurse.
Building Yourself an Entrepreneur’s Home Office
Most entrepreneurs run their personal business from home, and after the events of 2020, the work from home trend is a big part of the spike in entrepreneurial interest. So, prepare your home office to become more than just your desk and work computer. You are now building a business headquarters as a solo nurse entrepreneur. Your video conferences will be with the founder and sole member of your business. You will need a workspace capable of supporting the active routine of a solo small business owner. This takes us to the next point.
Small Business Accounting
As a small business, you will need to adapt your accounting. Employees have most insurance provided, file straight-forward annual tax return, and don’t usually worry about securing clients or projects. You are taking the opposite path and, therefore, require custom accounting. Further, you will want a business bank account to manage your revenue and expenses. Then, you will also file self-employment quarterly taxes instead of employee taxes annually. You will also be handling your business taxes and all related expenses through independent finance management, without the usual infrastructure of a larger company. The best answer is to partner with a small business accounting or financial service who can help you quickly cover your solopreneur bases.
Acquiring Business Insurance as a Solo Nurse Entrepreneur
In many industries, you will need to provide specific types of insurance to offer your services independently or run a small business to work through. Liability insurance, for example, is always a must. You may need property insurance, insurance on goods or services, and other insurance for your specific industry. Your state and county laws may also influence your insurance requirement. Some entrepreneurs have very little business insurance, while others need a full-stack to even start taking on client projects legally (and with financial safety for all parties).
As a nurse potentially staying in medical practices, expect the usual tall stack of mandatory insurance to cover your business, your practice, and yourself as a practitioner.
Managing Yourself Like a Boss
As a solo nurse entrepreneur, you become your own boss. Start by setting your own hours and optimize your personal efficiency with that freedom. But then stick to those hours and make sure you’re in bed on time to get to clock in the next day. Many entrepreneurs take on the executive lifestyle to stay energized and on-time – with exercise, healthy foods, and positive thinking every day. Model those proven successful by managing yourself to be more energetic in life and enthusiastic about work. This will keep you on track to meet your private deadlines and handle all the additional entrepreneurial duties.
Cultivating Your Own Client Base
As an entrepreneur, you will need to find work and keep your work incoming on your own. Part of freelancing is taking on the client list for yourself. This provides great flexibility in choosing clients and negotiating terms, but you also have to entice clients with marketing and customer services. You will likely need the services of a graphic designer and marketing campaign team. Fortunately, these can be hired – often as entrepreneurs themselves – to pitch in as part of your self-marketing workflow.
Providing Your Own Employee Benefits
Finally, don’t forget that becoming a solo nurse entrepreneur means providing your own benefits. Those without simultaneous employment will need to provide their own health insurance and other benefits instead of relying on the usual employee package. Consider which personal benefits you rely on and secure them separately. Often, entrepreneurs will join a small business group who shares larger insurance accounts to keep costs low.
Entrepreneuring and Your Day Job
Solo work can often replace a normal wage-collecting day job, but most people prefer a smoother transition. If you’re already making a steady income at a daily job, then start building your health-related business and taking on a few clients in your spare time. This will allow you to build a more steady entrepreneurial income – and the groundwork to expand quickly when the time comes before you quit your regular job.
For those who are currently between work, there’s also no harm in combining entrepreneurial work with your job search. Either your personal client-base and income grow faster than your job offers, or the work effectively can tide you between more permanent employed positions. This gives you the freedom to build your choices.
Learn More About Becoming a Solo Nurse Entrepreneur
We focus on helping professional nurses build the skills they need to succeed as entrepreneurs. As your own boss and your only employee, we can help new Nursepreneurs tackle these challenges. Whether you are innovating recovery care or providing concierge nursing services, we are here to help you build the skills you need to launch the next phase of your career. Contact us to start exploring your NursePreneurial options!