The 6-Step Quick Start Guide to Starting a Nursing Business
Here's the scenario... You have a business idea but you don't know where to start.
Starting a business takes more than just putting up a website and telling everyone you are open for business. Taking the time to build your business on a solid foundation will pay off for years to come.
Here are 6 beginning steps that you should take after you decide to leave the bedside and become a nurse entrepreneur.
Step 1: Find your nursing niche
You can’t be everything to everyone. Choose an area of nursing that you are an expert in and that you also have a true passion for. The more defined that your niche is, the easier it will be to a conduct a market analysis and to make sure you market to the right client.
For example, a broad nursing niche would be pediatrics. But you can narrow that niche even further to pediatric oncology.
If you need more help finding your nursing niche, take my free 5-day email course, Find Your Focus.
Step 2: Name your business
Choosing the perfect name for your business is a HUGE deal. Hopefully, the name if your business will be around for generations to come. Plus, your business name directly relates to brand and the image that you are portraying to the world. The name should be unique, easy to spell and pronounce, and most important memorable. You don’t want to miss out on an opportunity because your potential client couldn’t remember how to spell your business name.
Step 3: Choose a business entity
There are 5 categories of business entities that you can choose to from when determining how you want your business to be classified. Each type of entity has its own pros and cons. I suggest that you speak with an accountant or a lawyer for advice before making your decision. Here’s a brief description of each option.
1. A sole proprietorship is the most simple and easy form of business. The sole proprietor is a single owner without any differentiation between the business and the individual.
2. A general partnership is a type of partnership that is formed by two or more people who agree to share all losses and profits of the company. Each member of a general partnership is fully engaged and active in the firm, carrying the ability to make decisions and act on behalf of the partnership.
3. A limited partnership is similar to a general partnership in many ways, but has one key difference. At least one or more member must be a general partner, and at least one or more member must be a limited partner. A general partner is one who runs the day-to-day transactions and makes the decisions for the business, while a limited partner is simply a passive investor.
4. Although owned by many individuals, called shareholders, corporations are considered to be its own entity, or person, in the eyes of the law. While they are technically invisible, corporations are separate entities from those individuals who hold its stock.
5. Limited liability companies are specials forms of enterprises that combine the benefits of partnerships and corporations with limited liability. They are very similar to partnerships, but are not burdened with the same unlimited liability that partnerships carry.
Step 4: Market to your target market and ideal client
Being able to market effectively to your ideal client requires a good understanding of your nursing niche and understanding the difference between target market and ideal client.
Target Market: The ideal group of people (with specific traits) that you serve. For example, as an pediatric oncology nurse, your target market would be families and friends that have children with cancer.
Ideal Client: Your perfect client/customer/reader. This is the person that pays you! So using the example above, your ideal client could be the parents of the child or the insurance company.
Step 5: Conduct a market analysis
It’s important to know who your competitors are. Who else is already doing what you want to do? Who is already selling services or products to your ideal client?
Once you have a clear picture of what is going on in your target market, you need to determine what sets you apart. What is the thing that makes you different, your unique selling proposition (USP)? This will be the reason that your ideal client chooses to buy from you instead of your competitors.
Step 6: Create a product/service list
Using a all of the information you have gathered so far, you need to create a list of products or services to sell to your ideal client. When you first start your business, it’s best to keep the list small and focused. Don’t try to sell too many items. Selling too many things can come off as confusing and can turn your client off. The smaller your product/ service list is, the stronger it makes your USP and the easier it will be to stand out among your competition.