3 tips for becoming a nurse entrepreneur
Why Pursue Nursing Side Hustles, and How to Balance Your Practice and Your Business
How many times have you been at work and thought to yourself, “If only I had xyz…it would make my practice so much easier!” Or how about when you use those little helpful gadgets, and wonder, “Why didn’t I think of this? I bet they made a killing!” One great example of this is the Qlicksmart ampoule opener, invented by…you guessed it! Registered nurse, Glen Riverstone.
If these type of musings cross your mind more often than not, it could be your entrepreneurial self asking to be set free! Many nurses take on side hustles—whether running Etsy businesses from home, health coaching, even running an influencer platform and making cash through affiliate links and sponsored content. It’s so commonplace now that having a side biz sometimes feels like something everyone else is doing, so…why not you?
Well, by definition, becoming an entrepreneur—a person who organizes and operates a business, taking on greater than normal financial risks in order to do so—requires you to take on some risk. Specifically for nurses, the initial risk is the investment of our time—a precious commodity for any nurse! As nurses, we are already working many hours on our feet, sometimes dually enrolled in school, and trying to make time for all-important self-care on top of that. It’s a lot.
So, why add to that over-stuffed plate?
Simply put, because nurses are smart, capable, and full of innovative ideas that deserve to be shared with the world! Nurses are born multitaskers and we know how to get things done. In many ways, we are perfectly suited for the world of side hustles; and what’s more—it’s entirely possible to balance these pursuits with our work and personal lives.
Read on below for some tips on how to take your innovation from conception to reality!
Brainstorm
Nurses have a front seat to healthcare delivery. From this vantage point, we see every crack…ahem, “area for opportunity” when it comes to efficiency, cost, and systems. Being natural-born problem solvers, we have great ideas to fill in these gaps, but lack the knowledge of how to bring these ideas to fruition..
When you begin your entrepreneurial journey, you’ll first need to identify what it is you’d like to apply your talents towards. For most nurse entrepreneurs, this is often the impetus that gets them started. In other words, they have the idea, or the identified problem they’d like to solve already in mind, and are now seeking ways to work that into a business model. But, if you’re not sure how best to apply your drive and unique skill set, start by making a list of topics you’re interested in. From there, you can map out exactly what problems might be solved by converting these interests into a business venture.
For example, perhaps you love learning about fitness and nutrition. Let’s say, you have also noticed a need in your discharge planning for patients going home with new diagnoses—like diabetes. With little support in how to manage the various changes they’ll need to make in their lifestyles to accommodate this, they often end up back in the hospital, or needing higher levels of care. If only they had someone to help guide them in that critical time…Voila!
You’ve just stumbled onto the beginnings of a business idea—“Diabetic Consultant.”
Implement
Once you’ve decided what kind of business to pursue, you’ll need to sort out the fine print. Making a structured business plan is a good way for you to frame out a course of action. Taking the above example, in order to position yourself as a diabetic consultant, you’ll need to consider the basics of business—money in, and money out. This would include how potential clients will be referred to you, what their needs are, and how you’ll satisfy them (and bill for them).
You’ll also need to decide on a marketing strategy, a business name, and determine any official registration/licensing to make your business active and legal. Try to make milestone goals for yourself that allow you to see measurable achievements. Building a business takes a lot of trial and error, and each stumble provides a learning opportunity.
Balance
The third component to becoming a thriving nurse entrepreneur, is how to balance your time working on your business idea while still maintaining some semblance of your current lifestyle. No doubt, starting your own business can easily consume every waking moment, but spending your time like this will just hasten your eventual burnout. While it’s important to keep in mind that eventually, a successful business can and should replace your traditional working hours, for a time you will be applying yourself to both, and you need to be mindful about the toll it can take.
Start by establishing some boundaries for yourself. How many hours per week will you dedicate to working on your business? Try to stick to a set schedule, and give your mind time to rest. Our roles as nurses are already physically and mentally taxing as it is; we can’t pour from an empty cup, so make sure you still allow yourself days off. As hard as it can be to feel unproductive, remember that you’re in this for the long haul.
Lastly, keep your excitement level up! Talk to trusted colleagues and mentors about your business. Sometimes others can see the forest for the trees better than we can, and if you get to a space where you feel stuck, or discouraged, a fresh perspective or even just some honest encouragement can go a long way. After all, you are attempting to accomplish something few among us do—and it can really pay off if you are able to stick with it!