Is an RN business right for you?

Four Basic Steps to Starting a Business

According to the Small Business Administration (SBA), there are four basic steps to developing the information you need to start a small business. I agree with these basic steps and recommend all nurses interested in business complete this exercise. I rewrote the steps to be more applicable to nurses, but they are essentially the same steps as recommended by the SBA. Write out your answers and then call us so we can talk about your business idea.

1. List your reasons for wanting to go into business. Some of the most common reasons for nurses to be interested in starting a business are as follows.
   1. Be my own boss.
   2. Determine my own goals, such as working for money, fulfilling my nursing needs, or a combination of both.
   3. Choosing my customers, patients, and coworkers.
   4. Doing the work I enjoy.
   5. Designing my own flexible schedule.
   6. Working from the comfort of my home or in an office outside my home.
   7. Writing my own policies and procedures on how I will perform my work.
   8. Setting adequate fees for my services.
2. Next determine what business is right for you by asking yourself these questions.
   1. What do I like to do with my time?
   2. What technical skills have I learned or developed in nursing?
   3. What do others say I am good at?
   4. Will I have the support of my family and colleagues?
   5. How much time do I have to run a successful business?
   6. Do I have any hobbies or interests that are marketable?
3. Research and answer these questions to identify your business niche.
   1. What business ideas interest me?
   2. What services or products will I sell?
   3. Is my idea practical and will it fill a need for the customers?
   4. Who is my competition?
   5. What is my business’s advantage over existing businesses?
   6. Can I deliver a better quality service?
   7. How will I create the demand for my business?
4. The final step before developing your plan is the pre-business checklist. You should answer these questions.
   1. What skills and experience do I bring to the business?
   2. What legal structure will I use, such as independent RN, sole proprietorship, limited liability company, or a corporation?
   3. How will my company’s business records be maintained?
   4. What insurance coverage will I need?
   5. What equipment or supplies will I need?
   6. How will I compensate myself?
   7. What are my resources?
   8. How much money will I need to start and where will I get the money?