The business side of nursing is a wonderful place where nurses just like you can turn simple business ideas into profitable companies. If you are looking to quit your day job and start working for yourself as a nurse entrepreneur, the time is now.
Every single day LVNs, RN, NP, and other healthcare workers are taking a step back and exploring business ideas for nurses outside of the hospital setting. From home based business for nurses, mobile business, and old-fashioned brick and mortar businesses, there are plenty of nursing business opportunities that can prove to be far more profitable than traditional nursing jobs.
But just because you have a good idea does not mean that you have a good understanding of the business side of nursing. The business of nursing includes strategy and sticking to basic principles that set you apart from your competition.
You can ensure nurse entrepreneurial success by being intentional about creating a sustainable and scalable business and sticking to these seven basic principles of the business of nursing:
1. Standards of Care
What sets apart nursing business opportunities from other startups is the focus on standards of care. Upholding the highest standards of patient care is a principle of nursing that is applicable in the business of nursing.
Nurse entrepreneurs have a responsibility to put their clients or patients’ needs first. Whether it be a home based business for nurses, or a brick and mortar, nurse business owners who stick to these standards of care have a higher likelihood of beating the competition and winning over loyal clients:
- Assessment- Nurse entrepreneurs must first assess their patients needs by using all available information provided to them. The more questions you ask and the more you invest in getting to know your clients, the better the assessment.
- Diagnosis- Diagnosis, whether medical or otherwise, is an important aspect of the business side of nursing. Remember that recognizing all potential issues is essential in properly meeting your client’s needs.
- Planning- The planning aspect of offering expert care or services should include the setting of goals and a clear path on how to meet those objectives.
- Implementation- After your plan has been created it is time to implement that plan, or offer services that provide your clients with a solution. Remember that smart business ideas for nurses combined with unparalleled service foster customer loyalty.
- Evaluation- Whether you provide a one-time service, as-needed services, or have long-term relationships with your clients, you need to consistently evaluate your services and how they match up to meeting your clients’ requirements.
When you are considering the business side of nursing you can not leave leadership out of the equation. To take business ideas for nurses and turn them into successful ventures, nurse entrepreneurs must possess leadership skills. If you are not sure if you possess natural leadership skills, then it may be time to develop these skills which make up a good leader:
- Clear Communication
- Passion for Work
- Lead By Example
- Respect for All
- Constantly Learning
3. Social Consciousness
You may be surprised to learn that the business of nursing includes a healthy respect for social consciousness. Being socially conscious is not only a good life skill, but important in turning business ideas for nurses into successful six-figure companies. But what does it actually mean to be socially conscious?
With the rise of the digital era, we have become more connected, and the spotlight has been shined on social issues, bringing attention to businesses and individuals that are not socially conscious. If you do not want to be included in this group, your should partake in these socially conscious practices:
- Paying fair wages to employees.
- Charging fair rates that match quality of service.
- Partnering with ethical suppliers.
- Environmental consciousness.
- Abiding by fair trade practices.
Autonomy is an important aspect of the business of nursing. Defined by giving your workers and clients the freedom to make their own decisions to fulfill objectives, autonomy can lead to increased productivity and enhanced overall client satisfaction.
When people feel valued and respected they work harder. So what does autonomy look like to nurse entrepreneurs with startups? It may mean that a home based business for nurses allows employees to work on a project basis and not by the hour. Or offering clients the education needed to make smart decisions, but ultimately allowing them to make their own choices when selecting a service. So how do you create a culture of autonomy when turning business ideas for nurses into a reality? Here are some tips:
- Communicate regularly and openly with your clients and employees. This is an important aspect of developing problem solving skills.
- Encourage a healthy work-life balance and let your team know that their personal lives matter just as much as their work.
- Set boundaries on certain choices. For example, if you own a MedSpa and a client wants you to do work on them that you do not feel ethically comfortable doing, you can say no, or direct them elsewhere.
- Foster enthusiasm to produce employee or client interest. This could include special offerings, workplace events, workshops, etc., where employees/clients feel valued.
Nurse entrepreneurs not only need to hold their employees accountable, but they need to hold themselves accountable. Owning and operating a business includes an immense amount of dedication and focus. If you are not holding yourself accountable, then how can your business flourish?
All nursing business opportunities require accountability to get off the ground. Whether you are looking into home based business for nurses or business ideas for nurses that include a physical location, you need to make a plan, stick to it, and hold yourself and your workers accountable to achieve goals.
If you struggle with accountability then take heed of these tips that can help you keep yourself accountable when developing your business:
- Schedule– One of the most difficult aspects of reaching goals is sticking to a schedule. Sit down and make a schedule that ensures that you are consistently and persistently working toward your goals.
- Micro-Goals– You may be tempted to set a big goal right off the bat. While goals help to keep you focused, the business of nursing is a composition of small micro-goals that help you slowly build-up to big achievements.
- Accountability Partner– Home based business for nurses do not flourish overnight. To hold yourself accountable sometimes you will need the help of another successful nurse entrepreneur who can keep you on track and support you in reaching your objective.
Much like the nursing profession itself, the business of nursing includes transparency. While business opportunities are many, transparent nurse entrepreneurs are few and far between. Creating transparency in the workplace promotes an ethical operation.
If you are hoping to set yourself apart from the competition and create an honest and successful company then be authentic with your clients, your workers, and your investors. This not only helps to develop trust but leads to organizational structure. Here are some ways in which you can stay transparent with your clients:
- Listen to your clients needs.
- Start off with a contract.
- Be honest about your rates.
- Make yourself available for clients.
- Welcome questions.
Last but certainly not least on our list of principles that drive the business side of nursing, is respect. Nurse entrepreneurs must hold respect in high regard to turn business ideas for nurses into successful ventures.
The ability to show, extend, and receive respect is a craft. Not only must you show respect to your workers and clients, but you must also respect yourself. Demonstrating respect in the workplace may look like:
- Treating everyone you encounter with courtesy, kindness, and politeness.
- Listening to your clients and their wants and needs before offering your advice.
- Encouraging your workers to share their opinions and ideas.
- Steering clear of insults, name-calling, and bad language in the workplace.
- Be aware of your body language. Your voice, movements, and overall demeanor matter.
- Treat everyone fairly and equally.
- Encourage and praise people, especially workers and clients, when they achieve goals.
Nursing business opportunities are only good opportunities when you are intentional, and when you are intentional about upholding these seven principles of the business of nursing, you will see noticeable and sustainable growth.
Are you still looking for nursing business opportunities that are not at the bedside?
At NursePreneurs we not only provide nurse entrepreneurs with practical business ideas for nurses, but we show them the way to success by offering coaching on the business side of nursing. Much like other small businesses, the business of nursing is strategic, and when you are first starting out you can benefit from additional support from other successful nurse entrepreneurs who have gone before you and paved the way.
If you are searching for nursing business opportunities outside of the hospital setting, we can help! Contact us today to learn more about home based businesses for nurses and how to navigate the complex business of nursing.