Opportunities for Nurses as Entrepreneurs

A nurse entrepreneur uses their health care knowledge to develop a new business venture — perhaps an innovative piece of technology, product, or method of delivering care. Opportunities are wide open, as long as nurses can innovate from concept to market.

Don’t let the “innovate” aspect make you nervous. Innovation doesn’t always mean you have to come up with something brand new — sometimes, it’s repurposing something that has been done before⁠ or positioning it in a different way. By doing so, you get to help meet the needs of patients or the industry as a whole.

You also get to be your own boss, and while that entails a lot of work and responsibility, it also comes with increased independence, autonomy, and flexibility. You are, in essence, designing your future career, and most nurse entrepreneurs find that sense of freedom rewarding.

There are certain skills and attributes that are helpful when starting your own business. According to Harvard Business School, successful entrepreneurs are:

• Innovative and creative: You’re able to look at challenges from a fresh angle and find better, more efficient ways of approaching them.
• Open to taking calculated risks: After the required due diligence, you’re willing to try something new.
• Adaptable: You adjust to change quickly and don’t let it hamper your momentum.
• Resilient: You can process your mistakes, bounce back, and learn from the situation.
• Able to strategize for the long term: This means you can think about the big picture and make decisions that align with your long-term goals.
• Willing to make difficult decisions: Entrepreneurship often requires making decisions based on incomplete information. Occasionally, these decisions will be incorrect, but it's important to recognize the mistake and make adjustments as needed.

Strong nurse entrepreneurs have a vision and are willing to step outside of their comfort zone to make it happen. It takes a lot of dedication and commitment to self-motivate and reinvent, so keep that in mind as you contemplate a career move.

There are a few important steps to enter the nursing entrepreneurial field:

• Gain clinical experience: After earning a nursing degree and passing the NCLEX®-RN exam, you need to have practical experience. You’ll also strengthen your soft skills, such as delegating, planning, problem-solving, and strategizing.
• Pursue relevant nursing certifications: Maintain your basic certifications and nursing license while you determine whether you’ll need any other nursing certifications or licenses.
• Create a business plan: Your plan should detail the why and how of your business idea, including summaries of how your business will operate and its goals.
• Secure funding: This is why a business plan is important for outlining your idea to investors. You’ll have to understand how much money you’ll need to make your plan successful.
• Grow and market your business: There are many ways to get the word out, including social media, paid advertising, digital marketing, and more. Find out what’s right for your needs and budget.

Nurse entrepreneurs need to consider more than health care when starting a business. It’s important to maintain self-awareness and social awareness, understand market needs, and recognize what’s driving business outcomes outside of health care.

From nurse practitioner minute clinics and nurse staffing agencies to health tech and home health businesses, there are many opportunities for nurse entrepreneurs.

Consulting is another prevalent opportunity. Nurse consultants are needed to perform a variety of services that prepare hospital organizations for upcoming accreditation visits.

Other business ideas for nurse entrepreneurs include:

• Content creation or freelance communications
• Health coaching
• In-home care
• Legal nurse consulting
• Patient advocacy
• Script consulting
• Medical or pharmaceutical product development and sales
• Tutoring services

>>Read More: 11 Top Nonhospital Nursing Jobs for Nurses