Many small business owners have a lot on their minds. Will the new year be one of uncertainty or recovery? Will consumers continue spending? Will employees be on the lookout for another job?

Similarly, aspiring entrepreneurs have a lot of questions too. Is it a good year to start a business? They, too, are concerned about consumer behaviors and the mood of the country.

Startups will continue to soar

The just-released QuickBooks New Business Insights report, commissioned by QuickBooks’ parent company, Intuit, has some answers for us, and you may find some of them surprising. For one, 83% of those surveyed say the COVID-19 pandemic influenced how they want to work and accelerated their startup plans.

According to projections, based on the U.S. Census Bureau data of Employer Identification Numbers (EIN), it’s expected 17 million businesses will launch. About 5.6 million of them will hire employees. (Consider what that means for the number of jobs likely to be created) This will smash the record-high 4.3 million businesses that started in 2020.

And 57% of survey respondents admit to dreaming of one day owning their own businesses, primarily driven by a desire to “be their own boss” and “to have more control over their future.” To fund their startups, 67% will use personal savings.

Supporting small businesses

Public sentiment bodes well for these new businesses—86% of consumers believe small businesses are “crucial to the economy,” and 57% say they will spend more money at small businesses in the next six months. These consumers not only want to help local companies, but they cite “enjoying the stellar customer service they get” when they shop small. Add this to the 50% of surveyed consumers who report they’ve already spent more money at small businesses.

New Priorities  

A separate survey, the QuickBooks Small Business Insights report, reveals some new priorities for small businesses.

Pivoting to online: 88% say online sales will be an “important source of revenue next year,” and 97% say digital tech will be “important” as well.

Whether you’re a startup or have been in business a while, a robust website is a must-have. And as we’ve previously noted, social selling has been a boon to small businesses. The report says revenue from social media accounts for, on average, 33% of small business revenue. Plus, brick-and-mortar businesses report getting 22% of their sales from social media.

Fighting inflation: 97% of small business owners are “worried about inflation and 45% say “rising costs” is the most significant threat their businesses face.

• 63% plan to raise prices in the next three months to combat this

Attracting/retaining employees: 44% of small businesses plan to hire over the next three months. Small business owners can take advantage of the Great Resignation by highlighting the benefits of working for a small company. The small business employees surveyed say having a “close relationship” with the owners of the business and a sense of belonging to the company are their top reasons to prefer working for small businesses.

To attract and retain employees, business owners plan to:

• Increase pay to attract new talent (44%) and pay their current staff more (46%)
• Offer larger bonuses to current employees (36%)
• Hire younger workers (30%)

New business practices

A survey from Xero, a small biz accounting software platform, reveals that many small business owners plan to change their behaviors, particularly in these four areas:

Spending: Many businesses cut back on spending this year. But many plan to start “judiciously” investing in their companies again. However, they expect it to be challenging to find the money to make these investments.

Buying habits: Due to the challenges dealing with their supply chains this year, businesses plan to buy earlier than they had before. And they want to expand their supply chain to new suppliers. They also plan to have less inventory on hand.

Mental health: 40% of small business owners worry about their mental health, and about the same number are concerned about their employees’ wellbeing. According to the Xero report, this is so concerning to the small business owners that they will do “anything they can” to get themselves and their teams on an even keel.

Debt: 56% of the businesses surveyed still face cash flow pressure, but they are determined not to let debt become “an unhealthy dependency.”

Source: https://southwestflorida.score.org

If you answered “yes” to all of the above, then you might be in luck. Everyone has ideas at some point in their lives, but not everyone has the tools or the means to pursue their dream. If you’re a nurse, however, you might already have everything you need in order to take a leap of faith and make your ideas a reality. Becoming a nurse entrepreneur is not the uphill battle that society wants you to believe. However, it does take a bit of preparation, and a decent amount of know-how to keep the ball rolling.

What Is a Nurse Entrepreneur?

Basically, a nurse entrepreneur is a nurse who branches out of the standard occupation as someone who cares for patients in a healthcare facility and opts to pursue an idea to revolutionize or improve the trade in some way. These entrepreneurs not only seek to provide care to those who need it, but to also directly improve the way their care is given, whether it be by developing new techniques and procedures, or by creating new tools to capture and process information about patients to achieve certain results.

Nurse entrepreneurship is a growing sector in the healthcare industry. Many professionals opt to drop the traditional ways of practicing the trade and instead focus on developing methods to improve it so that others can achieve better results in an easier manner.

While it is true that most nurses dive into the trade in order to directly help patients in need, not all are willing to achieve this in the same manner. Nursing entrepreneurship is a way to assist patients indirectly, and in a way that some might be unable to do with their current means.

Why Become a Nurse Entrepreneur?

Nurse entrepreneurs are essentially trailblazers in the healthcare industry. They take it upon themselves to create new and improved methods to address the rising concerns and issues of the industry. In this sense, if you have an idea that could potentially revolutionize a procedure or technique, then you could influence the industry and create your own way of doing things.

While nursing tools and methods are continuously improving, you can indirectly help thousands, if not millions, of people around you.

How Do I Become a Nurse Entrepreneur?

Like with most business ventures, becoming a successful nurse entrepreneur has its own share of requirements, most of which come in the form of personal values that everyone must possess. This is because of the strain that any of these campaigns put on the person.

In order to become a nurse entrepreneur, you must become proficient in certain aspects, including:

Accepting constructive criticism

In this trade, not everyone will be happy to see your success. It takes a degree of thick skin to shrug the hurtful comments of these people off and come out unscathed. However, it takes an even higher degree of insight and wisdom to tell constructive criticism apart from destructive comments. By listening to those who truly mean well, you could easily adapt their comments into your products to improve your success.

Establishing connections

It’s tough to succeed in this world on your own and, even if you do, can you truly say that you did everything you accomplished on your own? Regardless, by talking to people in the field, you can learn more about what you’re trying to accomplish, as well as lay the foundation for collaborative projects down the line. These connections, however, are not limited to people as you can also contact certain organizations like the National Nurses in Business Association, which have a number of different experts that can guide you in everything that you need to know about managing your business.

Learning every day

It’s never too late to soak in new information and knowledge, especially if it’s about what you’re trying to accomplish. It might be a great idea for you to take a few seminars and courses that relate to your area of expertise, so that you can refine your ideas and truly make them shine!

Being a good loser

Truth be told, you’ll see a lot of failures before you succeed. However, failing comes naturally in this industry, and it gives you valuable insight into the areas you need to improve and refine to achieve success. There’s a lot of knowledge to be gained in winning. However, there’s even more of this to be had in failure.

Being an even better winner

Humility and modesty are essential traits of just about any human being. For some, success might come naturally as they could be more entrepreneurially inclined. However, this doesn’t mean that they can’t be humble and set an example for others who wish to follow suit. Remember, no one is a born entrepreneur.

Others might have a natural mind for business, but there are even more people who might have a harder time diving into this industry. Just remember, try to keep an open mind and always help those you can along the way.

Reference: http://nurseadvisormagazine.com/tn-exclusive/the-perks-of-being-a-nurse-entrepreneur/

Small Business

Small businesses represent the overwhelming majority of U.S. entrepreneurial ventures. A small business could be any company, restaurant, or retail store that’s launched by a founder, without any intention of growing the business into a chain, franchise, or conglomerate. For example, opening a single grocery store falls under the small business model; creating a nationwide chain of grocery stores doesn’t. Small business entrepreneurs usually invest their own money to get their companies off the ground, and they only make money if the business succeeds.

Scalable Startup

Scalable startups are less common than small businesses, though they tend to attract a lot of media attention. These businesses begin on a very small scale, often as just the seeds of an idea. This germ is then nurtured and scaled, typically through the involvement of outside investors, until it becomes something much larger. Many Silicon Valley tech companies fall under this model; they begin in an attic, garage, or home office before eventually scaling into large corporate headquarters.

Large Company

Sometimes, entrepreneurs work within the context of a larger, established company. Imagine that you work at a large auto manufacturing company. Through careful market research, you realize there is a high demand for motorcycles, and that your company has many of the technologies and processes in place to branch into motorcycle production. You go to your boss and ask for the funding to launch a brand-new motorcycle division, and you are approved. This is an example of what the large company entrepreneurship model might look like in practice.

Social Entrepreneurship

The final model to consider is social entrepreneurship, which seeks innovative solutions to community-based problems. According to Investopedia, social entrepreneurs “are willing to take on the risk and effort to create positive changes in society through their initiatives.” In other words, a social entrepreneur launches an organization that’s fundamentally about enacting positive social change, not merely generating profits. The social change in question may pertain to environmental conservation, racial justice, or philanthropic activity in an underserved community.

Small Business Entrepreneurship

According to the Small Business Administration (SBA), more than 99% of all U.S. businesses fall into the small business category.

Defining Characteristics of Small Business Entrepreneurship

What distinguishes small business entrepreneurs from other kinds of entrepreneurs? There are a few distinct characteristics:

• Small business entrepreneurs focus initially on a single product, market, or locality. While in their startup phase, the entrepreneurs probably don’t have plans to expand the company.
• The initial goal of small business entrepreneurs is to make a profit, although even in its early stages, the business may be motivated by the entrepreneur’s desire to effect social change.
• Most small businesses are either self-funded or funded through small business loans. Outside investors and venture capitalists are very rarely involved.
• These are among the greatest challenges small business entrepreneurs face:
  • Ensuring a steady cash flow without relying on third-party investments
  • Finding time for family and friends
  • Staying abreast of technology and market changes that affect the business
  • Devising a marketing strategy to attract the company’s target audience
  • Maintaining a solid reputation for their brand
  • Keeping an eye on the competition

What Industries Do Small Business Entrepreneurs Work In?

While small business entrepreneurs work across a range of different fields, many of them operate in the context of “mom and pop” brick-and-mortar shops: hairdressers, bakers, restaurateurs, and retail store owners.

Additionally, small business entrepreneurship can encompass consultants and creative professionals, such as copywriters, marketers, or graphic designers who go into business for themselves. Service trades, such as electricians and plumbers, also fall under this category.

Scalable Startup Entrepreneurship

The scalable startup entrepreneurship model at first resembles a small business but differs in its intentions for long-term evolution.

Key Characteristics of Scalable Startup Entrepreneurship

There are a few traits that distinguish the scalable startup model from the small business model, as well as from other types of entrepreneurship.

• Like small business entrepreneurs, scalable startup entrepreneurs start their companies on a modest scale. But unlike small business entrepreneurs, scalable startup entrepreneurs have a vision for growth from the outset.
• Scalable startup entrepreneurs look not just to make profits but also to generate revenues they can invest back into the business, fueling growth.
• The most common way to fund a scalable startup is through the pursuit of venture capital.
• Scalable startup entrepreneurs face several unique challenges, as Startup Nation describes:
  • Attracting investors and raising venture capital
  • Recruiting talented managers and employees without impinging on cash flow or incurring debt
  • Ensuring the business plan is flexible enough to accommodate shifting markets and new technologies
  • Planning and implementing an infrastructure for the business that is inexpensive to launch yet capable of growing without disrupting the core business
  • Realizing aggressive growth targets to meet investor expectations and attract future funding

Large Company Entrepreneurship

Fewer than 1% of all U.S. businesses qualify as large businesses, but due to their scope and influence, these companies are often well-known to the public.

Defining Large Company Entrepreneurship

The primary thing that distinguishes this model is that rather than building a new business entity from scratch, it is the creation of a new business entity within an existing company.

• Large company entrepreneurs address the needs and opportunities of an existing business through innovation. This may include a new product line or division.
• Large company entrepreneurs look to branch into new customer markets, broadening the reach of an established business.
• Large company entrepreneurship may entail the acquisition of new companies and resources, or investment into research and development.
• The key to success for large company entrepreneurs is sustaining growth in the long term, so the major challenge to their success is to anticipate and avoid obstacles to growth:
  • Ensuring that the firm’s new and innovative products are first to market
  • Protecting and growing the market share of existing products while promoting the new offerings
  • Building a cohesive corporate culture that is easy for newly acquired organizations to adopt
  • Overcoming the inertia that can prevent large firms from acting on and responding to changing markets and innovative technologies faster than the competition
  • Failing to scale sustainably (growing too much, too soon)

Social Entrepreneurship

Social entrepreneurship has emerged as businesspeople consider the effect their company has on the world, beyond mere profits and losses.

What Is Social Entrepreneurship?

The primary factor that distinguishes social entrepreneurs from the other types of entrepreneurs is their mission. These entrepreneurs are focused on solving a problem in their community or furthering some kind of social change. Their objective goes beyond the bottom line.

Some additional factors to consider:

• Most examples of social entrepreneurship take a nonprofit structure. Money that’s generated is put toward advancing the company’s mission and maintaining necessary overhead but not necessarily toward corporate growth or expansion.
• Social entrepreneurship often involves alternative forms of fundraising, which may include grants, sponsorships, or small-donor fundraising within the community.
• The World Economic Forum identifies social entrepreneurship as a powerful way to apply market-driven approaches to address social problems. However, despite their success at finding innovative and practical solutions, social entrepreneurs face serious challenges:
  • Innovation requires experimentation, but funding for social entrepreneur projects focuses on results, so there’s little incentive to pay for unproven approaches.
  • All enterprises require a steady flow of capital, but social entrepreneur projects tend to provide investors with lower returns than other opportunities.
  • Relations between social entrepreneurs and investors can become strained by conflicting goals and a lack of financial transparency.

Reference: https://onlinebusiness.northeastern.edu/

But at the same time, being out on your own and starting your own business is more than just saying “I’m running my own business and being my own boss”. You need to have that entrepreneurial mindset that will allow you to succeed in this day and age.

And no, you don’t have to be a graduate of any fancy business school or go through a lot of seminars and conferences to have that mindset. You just need to reflect and get to know yourself first.

How do you know if you have that entrepreneurial mindset? If you have more than one of these traits, then you may have it.

1. The ability to maintain a positive attitude

When it comes to running a business, it pays to have a positive attitude. The way you act around challenges and obstacles will reflect on the way you do business. This also affects how your employees will see you.

If you cringe the moment you face a setback, your employees and the people around you will not have that much confidence in you. Having a positive attitude allows you to tackle problems and obstacles head-on without a clouded judgment brought about by negative emotions.

2. The openess to anything

Businesses are unpredictable, just like in real life. You have to be prepared for what’s to come, whether you think they’re likely to happen to you or not. As an entrepreneur, you need to be able to take everything and roll with the punches. You need to be able to adapt to the changing environment of businesses. A good example here is being able to transition to an online business model to continue selling your products amidst the crisis.

3. The curiosity of a child

Businesses run on intricate cogs and wheels, and it’s always a wonder to see how different parts of the business work. When you investigate how things work and how to look at things from a different perspective, you tend to become curious and inquisitive. This curiosity and sense of inquisitiveness will allow you to come up with varying solutions to your business problems, even before they happen.

4. Persuasion is a natural thing for you

Being able to persuade people into buying your products is one thing, but persuading your employees that your solutions are effective is another.

That’s why it’s important for any entrepreneur to have this ability to persuade people, whether it’s about a sale or proposing a solution to a problem. You see, the key to persuading people is to be an effective communicator, and it’s more than just selling to people.

When you’re an effective communicator, you know how to drive your point across. You know how to deliver your message on more than one platform, be it on your social media page, your YouTube channel or even your blog.

5. Creativity

In line with problem-solving comes your ability to come up with ways to solve a problem from more than one angle. But creativity is also an important factor in how you innovate your products and services.

When entrepreneurs are creative, they go way beyond what they want to sell or what they want to solve. Remember, some of the most successful businesses and companies in the world didn’t start out from just one product.

6. You’re motivated on your own

One of the best examples of a motivated entrepreneur is Elon Musk. Apart from having all of the signs listed above and on this article, he’s known to be a highly driven entrepreneur, so much so that he works long hours during the week to get things done. Look at how SpaceX and Tesla have rebounded from one failure to another and still managed to become successful.

Being hardworking isn’t enough, but as an entrepreneur, you need to be self-motivated even when all seems lost. Self-motivation is also affected by your positive thinking. The more you think that you can power through the problem, the easier it is for you to motivate yourself.

7. Resiliency and tenacity

Businesses are never without their times of hardship and difficulties, even more so with this pandemic. If you just started your business and you’ve been greeted by the pandemic, then you know what I’m talking about. There’s always going to be one of those days where all seems lost, but if you think about quitting — don’t.

Take the time to rest, recharge, and get back on your feet to try once more. Tenacity and resiliency in the face of adversity are your two biggest driving forces to succeeding in any industry. Just look at Elon Musk, Steve Jobs, Bill Gates, and Ray Kroc. If they gave up at any point in their entrepreneurial journey, they wouldn’t be the people they are now.

8. Taking ownership for everything that happens

Accountability is often a trait that gets ignored or forgotten by a lot of business owners. As a business owner, you have to understand that everything is, and will be, your fault.

It’s you who’s going to give the go-signal to do this and that. It’s you who’s going to decide what to do and what not to do.

Ownership of your actions means you’re not only taking possession of the business, but also the responsibilities that go along with it. When you recognize and own up to the happenings of a business, you become more driven to make your business more successful.

9. Receptiveness for anything

It’s tough persuading people about the vision and idea for your business, but it’s another thing to be receptive to ideas from other people. As an entrepreneur, you have to be receptive to feedback and criticisms towards your business.

A good entrepreneur is always open to new ideas and criticism because they want the business to succeed. They won’t always figure things out on their own, so it pays to have a few people from the outside looking in providing feedback.

10. The passion to continue and help

I have never met a business owner who isn’t passionate about their business. In this day and age, it’s all about being able to help people and making a difference in their lives. This is why some businesses are built around this passion to help people. When you are passionate, you are genuinely motivated to come up with solutions and ideas for your industry and for the people around you.

When your business is built around passion, then it will continue to use that as its fuel to continue. So long as you’re driven to make things work in order to pursue the greater cause, your business should do fine.

11. The ability to walk in another man’s shoes

Empathy is often a trait that gets overlooked by business owners. I’ve met a handful of them who don’t really know what’s going within his or her workforce because they don’t take the time to do so.

I remember one story about an HR officer reprimanding one of the employees for not performing as expected. Every week, this HR officer called this employee for a meeting and reminded him about his shortcomings. He never came up with a solution to help this man because he didn’t take the time to do so.

It was only when another HR officer stepped in and handled this crisis that the company finally knew why this man was doing terribly. It turns out that this man lost his wife in divorce and kids in a custody battle. He was also homeless and living in a friend’s house. The HR officer then recommended that he take a few weeks off to sort things out and he came back with a renewed vigor to work.

You see, business owners who are empathic about their employees will never go under because this is a passion of theirs. You just can’t expect your business to survive if you don’t help your employees.

The bottom line

Times are tough for any entrepreneur, and one of the keys to surviving is their mindset. If you think you have any of these signs within you, then you’re going to be a fine entrepreneur. If you have the passion and drive to become better and help people become better, then your business will continue to thrive.

Reference: https://www.entrepreneur.com/article/380182

But despite the countless sacrifices and challenges small business owners face, an overwhelming 84 percent of small business owners would do it all over again.

If you’re thinking about taking the plunge and starting a business of your own, there are some key steps you need to take first.

Below are some of the top tips I have given through mentoring over 1000 SCORE clients and acting as an angel investor.

These tips spring from what I see successful entrepreneurs do and what I see those who come up short not do.

Here are the 10 things you need to do before starting a business

1. Develop a powerful message

What customer problem are you solving that potential customers are willing to pay for? This is often called the value proposition.

Also, why will your business be operationally and financially successful?

2. Focus on the customer and fully understand the market

There are many examples of companies that do not have the best product/service or are not first to market, yet are very successful because they have mastered online marketing and sales.

Research the demographics of your potential customer base and understand their buying habits.

Watch competitors, talk with similar businesses, browse your competitors’ websites, and understand what their customers are saying about them on social media.

3. Start small and grow

If possible, self-fund your business idea and then go for funding when you can create a growth story. This might cause you to break up your product/service offering into smaller pieces so you can fund the early stages and get some traction and experience.

4. Understand your own strengths, skills, and time available

When running a business, know when you need to engage an accountant, lawyer, insurance agent, marketing specialist, web page designer, or other professional. This will start your management process as a business owner.

Constant Contact offers a variety of professional marketing services for those who need professional assistance or want to jumpstart their online marketing efforts.

5. Surround yourself with advisors and mentors

Launching and growing a business is difficult, and more than half will fail within 5 years.

No one person can have all the knowledge, experience, or even perspective to handle every business situation. Gain from others’ skills and experiences.

6. Get a mentor

If you’re not sure where to find a mentor, SCORE is a great place to start. SCORE mentors are free — just visit www.SCORE.org to find a face-to-face mentor near you or a mentor to contact via email or Skype.

Also at this site are many free workshops, webinars, and templates all focused on helping entrepreneurs successfully start and grow a business.

You can also find mentors on sites like LinkedIn, by attending a local small business meetup, or just asking around. You might be surprised at people in your circles who can offer useful advice based on their experiences.

7. Write a business plan

Starting a business is difficult and risky; it’s easy to spend all your time and resources at it. Before you start, figure out what type of business you will have. Will it be a sole proprietorship, partnership, corporation or LLC? Then put together your plan.

Having a written plan with your projected results and personal goals is the best way to stay on track.

As an example, your business may make a $20,000 profit. But if you live in a large city, support a family and maybe elderly parents, and are trying to save for kids’ college and retirement, then most likely $20,000 is not enough.

Don’t try to do everything at once either. Focusing on the key components of a business plan will put your ideas in concrete terms and help you identify places to change the business model where necessary.

8. Know your numbers

Have a good grasp on the numbers that tell you how your business is doing and what you can expect. These include your start-up costs, sales, projected profits, cash flow, and much more, depending on the nature of your business and how you define success.

You will be making many decisions “on the fly” and knowing the numbers — the business economics — will help ensure you make the right decisions.

Look for ways to cut costs where you can. Use cost-effective tools like email marketing and social media marketing to drive awareness, rather than pricier traditional advertising methods.

9. Understand there are no entitlements

Don’t underestimate this one: You will work hard for all your achievements.

Being a small business owner is one of the hardest jobs around. In a recent survey, 40 percent of small business owners said they don’t take vacations and have their money tied up in their business.

10. Have a passion for what you are doing

Being a business founder can be very lonely and there are not enough hours in the day to accomplish everything.

From big successes to large letdowns, if you’re not fueled by passion at every step of the way, your job becomes that much harder. Remember why you started your business and let your passion drive you continuously.

When in doubt, don’t go it alone

Just because you’re taking your ideas and turning them into reality doesn’t mean you need to figure everything out on your own. There are plenty of online marketing tools available to make your job as a small business owner easier. But tools aren’t everything.

Reference: https://blogs.constantcontact.com/starting-a-business/

With unique insight into what the health care industry needs, nurse entrepreneurs, can create businesses that help patients and nurses. Many nurses have successfully made the shift from practicing nursing to running a business, and their nursing skills play a big role in their ability to perform well.

WHAT EXACTLY IS A NURSE ENTREPRENEUR?

Nurse entrepreneurs apply their nursing backgrounds and professional experiences to create businesses in the health care industry. Much like other entrepreneurs, they identify a need in the marketplace and conceptualize and build a business that fills that need. They may offer independent nursing services, such as patient care or consulting, or create and sell medical devices or home health care products. Others take on writing or coaching roles.

Just like any entrepreneur, nurse entrepreneurs usually take on a great deal of risk because starting a company always comes with the possibility of financial loss. They may have to work to find investors and experts to help them successfully launch their business.

The Nurse Buff blog has recommended identifying a problem in the health care field that you have the skills to fill, creating a business idea to help alleviate the problem, identifying your target market, and studying your competition before you start a nursing business. In short, like any person launching a business, nurse entrepreneurs should carefully research and consider their moves to ensure they bring the right product or service to the right audience.

It will take long hours and undoubtedly some setbacks to get the business off the ground. Entrepreneurship is no easy task, but nurses seem to be up for the challenge. In fact, for many nurses, entrepreneurship helps them avoid nurse burnout and apply their skills in new and exciting ways. Whatever the specific nurse entrepreneur idea, it’s easy to see how nursing skills can help professionals easily transition to running a business.

TRANSLATING A NURSING BACKGROUND TO BUSINESS

Research-based on data from Census Bureau and the Internal Revenue Service between 2007 and 2014 revealed that entrepreneurs were 125% more successful if they had previous jobs, especially in the field where they were starting a business. That means nurses have a good chance of succeeding when launching nursing-related businesses given their background in the health care field.

Many nursing skills translate nicely into entrepreneurship. Outside of all the scientific knowledge, nurses must possess, they also have a plethora of skills they use in their professional nursing careers that help them transition perfectly into the entrepreneur role. Here are a few:

COMMUNICATION

Nurses must be able to communicate with professionals and patients from a wide range of backgrounds daily. This helps them when they start a business because they’re able to connect easily with various stakeholders and customers.

ORGANIZATION

Nurses learn to be incredibly organized because their patients’ well-being depends on it. These organizational skills make them incredible business leaders who can keep track of many moving pieces.

ADAPTABILITY

Nursing and entrepreneurship are similar in how they throw curveballs constantly. Nurses have to think on their feet and adapt quickly, traits that allow them to be successful business owners.

INDUSTRY KNOWLEDGE

Nurses have been on the front lines of the health care industry and understand it in a way that outsiders simply can’t compete with. As mentioned above, this experience makes them exceptionally prepared to be successful entrepreneurs.

PERSEVERANCE

Long shifts, tough situations, and the drive to help others give nurses perseverance that is hard to match. Nurses know that challenges will be put in their path, and they’re skilled at finding ways to overcome them. This is an admirable trait in an entrepreneur.

HOW TO BECOME A NURSE ENTREPRENEUR

There’s no clear path to becoming a nurse entrepreneur. While most nurse entrepreneurs hold multiple nursing degrees and have extensive professional experience, each nurse entrepreneur’s path will be different, and that’s to be expected. The important thing is to be thoughtful in your approach.

A great step to consider when making the transition from nursing to business is expanding your horizons in the classroom. Furthering your education with a bachelor’s degree can give you experiences that you can apply to both your nursing career and future business ventures. Notre Dame of Maryland University’s online RN to BSN program allows you to develop the skills you need to enhance your nursing career, whether in a health care setting or entrepreneurship. Plus, we help you do it quickly. Most students complete their online program in 15 to 18 months.

Reference: https://online.ndm.edu/news/nursing/nurse-entrepreneur/

Marketing your nurse staffing agency is certainly not easy, but there are many ways to promote and advertise your nurse staffing agency.

We put together a list of the best marketing ideas for your nurse staffing agency, so you can get your small business out there.

Content

Content marketing is a marketing approach where businesses create and distribute valuable and consistent content to attract and retain their target audience.

Relationships

Relationship marketing is a long-term strategy based on building and growing strong relationships with customers.

Marketing idea: Mentorship

Sales

Sales refer to all activities and strategies that lead to the selling of products and services.

Marketing Idea: Direct Sales and Cold Calling

Email

Email marketing is a strategy used to promote a product or service through email while developing relationships with customers. Email marketing can include newsletters, updates on the company, or promotions of sales and discounts for subscribers.

Social Media (Organic)

Organic social media marketing is any social media activity with no paid promotion. This type of marketing is very effective and can be done using free social media tools.

Affiliate

Affiliate marketing is a type of performance-based marketing where a company compensates a third party for each visitor or customer brought as a result of the affiliate’s marketing efforts. Businesses typically pay per sale or per click/impression.

Marketing Idea: Pay Per Click Per Advertising

Word Of Mouth

Word of mouth marketing is a strategy used to generate organic discussions about a brand, company, or event. These discussions are typically a result of an extraordinary customer experience.

Marketing Idea: Referral Program and Word of Mouth

SEO

SEO, otherwise known as “search engine optimization” refers to the practice of increasing website traffic through organic search results.

Social Media (PAID)

Paid social media marketing refers to any social media effort that is influenced by advertising dollars.

Marketing Idea: LinkedIn Ads and Search Engine MArketing (SEM)

Print + Traditional

Print marketing includes advertising through magazines, newspapers, and other media publications.

Marketing Ideas: Business Cards and Sales Calls

Events

Event marketing (both online or offline) promotes a brand, product, or service through hosting or attending a real-time event.

Automate

Marketing Idea: Task Delegation

Buzz

Buzz Marketing focuses on creating excitement among consumers about a particular product, service, or brand. The goal is to leverage word-of-mouth marketing across a wide audience.

Marketing Idea: Controversial Marketing

Reference: https://www.starterstory.com/

1. CONTRACT AND PER DIEM STAFFING

WHAT IS CONTRACT AND PER DIEM STAFFING IN THE MEDICAL STAFFING INDUSTRY?

Contractually, per diem medical staffing is the repetition of an hourly pay rate that is requested for possibly several days, or even weeks. The contract framework for per diem medical staffing is the agreement to pay a specific amount for each hour worked during some part of a day.

Temporary contract staffing is the largest profit center within the medical staffing industry. As it becomes more difficult for hospitals and other clients to find qualified nursing and other healthcare professionals, many facilities are turning to medical staffing agencies. By starting a medical staffing company, you can help clients hire contract employees they otherwise would be able to find on their own.  Most medical staffing companies focus primarily on placing nurses, however, there are additional, viable opportunities in placing over 250 other Allied Health professionals including Physical Therapists and Nurse Practitioners. A medical staffing company that has the knowledge and resources to place Allied Health professionals can significantly grow their business.

Temporary contract placements are straightforward.  For example, a medical staffing company places a clinician with a contract in a healthcare facility on a temporary basis; this contract will stipulate a specific billing rate, specific shifts per week, and an assignment start and end date.  Contract staff may work a full-time, weekly assignment or on a part-time, hourly basis.

HOW ARE TEMPORARY CONTRACT EMPLOYEES PROFITABLE FOR MEDICAL STAFFING AGENCIES?

Staffing agencies typically charge 25% to 100% of the hired employee’s wages. So, for example, if you and the staffing agency have agreed on a markup of 50%, and the new employee earns an hourly wage of $10, you will pay the agency $15 per hour for their work.

The temporary staffing market is not saturated by providers. When weighing options about which medical staffing company to select, hospitals do not take name recognition into account; they are more likely to make hiring decisions based on the credibility of medical staffing companies to provide qualified employees.  Facilities use multiple agencies because it is impossible for one agency to meet all their needs.  For this reason, it is possible to penetrate the market and earn a market share in geographic markets across the U.S. as a start-up company.

2. TRAVEL STAFFING

WHAT ARE TRAVEL CLINICIANS IN THE MEDICAL STAFFING INDUSTRY?

Other large profit centers within the medical staffing industry are travel nurses and Allied Health professionals.  Though many medical staffing companies provide only travel nurses, the demand for Allied Health professionals is growing significantly. Unfortunately, most agencies do not have knowledge in the areas of Allied Health, nor do they have the necessary resources to grow their businesses in that area.

Staffing travel nurses are more sophisticated and expensive than staffing medical personnel on a contract basis.   Therefore, it is best for start-up companies to initially launch their business with a focus on placing contract employees.   Once an adequate revenue and profit stream are achieved, additional investment to expand the business to staff travel nurses becomes viable.

Travel staff must relocate to work in a geographic location at least fifty to seventy-five miles from their home and work full-time, committing to thirteen weeks or longer assignments.  Some facilities now require clinicians to live within a 250-mile radius of the facility to which they are assigned.   Using three different regulatory methods, travel staff can work within their home state, as well as many other states throughout the U.S.

The benefits of employing travel staff are endless for medical staffing agencies. The general goal of hiring skilled and qualified travel staff without compromising patients’ safety or quality of care is to allocate scarce resources and reduce labor costs strategically. In recent years, several major area hospitals have begun to utilize travel staff as an alternative to full-time employees and contract staff. Three examples follow:

• Compared to the $3.6 million they spent in 2016, J.W. Ruby Memorial Hospital in the West Virginia/Pennsylvania area spent over $10.4 million on travel staff in 2017.
• UAB Hospital in Birmingham, Alabama has avoided bed closures and surgery cancellations by utilizing travel staff.
• In 2016, according to the National Association of Travel Healthcare Organizations, the overall travel staff revenue grew by 23%.

Due to a lack of non-payroll expenses including retirement, vacation, and training, travel staff cost hospitals six dollars less per hour on average than permanent employees.

With more hospitals realizing the benefits of hiring travel staff through medical staffing agencies, these numbers will continue to grow. Additionally, millennials are twice as likely to travel as older staff, making them a larger presence in the medical staffing workforce.

Individuals are interested in travel employment for the following reasons:

• Higher pay:Travel staff members are compensated well for their efforts, with both taxed and tax-free money.
• Professional growth:Working in a new setting will yield employees the opportunity to diversify their resume.
• Personal adventure:With a new area to explore, staff can enjoy regional culture.

If you are looking into starting a medical staffing company, employee satisfaction should be a major consideration. Checking in on travel staff to assess progress and answer questions will go a long way to making them feel comfortable in their new position, thus yielding a higher earning capacity for your medical staffing company.

3. ALLIED HEALTH PROFESSIONALS

WHAT ARE ALLIED HEALTH PROFESSIONALS IN THE MEDICAL STAFFING INDUSTRY?

Allied health professions are health care professions distinct from optometry, dentistry, nursing, medicine, and pharmacy. They provide a range of diagnostic, technical, therapeutic, and support services in connection with health care.

Nurses are often trained to utilize the same technology and respond to similar patient conditions. Conversely, Allied Health professionals have a wide range of expertise. 

HOW ARE ALLIED HEALTH PROFESSIONALS PROFITABLE FOR MEDICAL STAFFING AGENCIES?

Given their unique qualifications, Allied Health professionals are difficult for hospitals to find. Allied Health professionals are highly sought after by hospitals.  Consequently, Allied Health placements are highly profitable for a medical staffing company.

According to the U.S. Allied Health and Advanced Practice Benchmarking Survey of 2017, staffing agencies earned a total of $429 million for Allied Health placements. With higher demand and lower availability, average billing rates ranged from $52.08 for general positions to $81.28 for pharmacists.

As the medical industry is experiencing a medical staffing shortage, hospitals will need the expertise of qualified specialists. Medical staffing industry experts believe Allied Health has the highest growth potential as a profit center. Allied Health professions will be a key source of income for individuals starting a medical staffing company.

Nurses are essential members of a patient’s treatment team; however, their payroll and benefits are paid from facilities operating budgets. Therefore, their services are a pure cost for facilities. In contrast, some Allied Health professionals serve as profit centers for facilities.  For example, the treatments provided by Physical Therapists and Physician Assistants are ‘marked up’ for-profit and billed to third-party reimbursement sources such as healthcare insurance companies, Medicaid, and Medicare. Even though both nurses and the for-profit Allied medical professionals are in great demand, sometimes facilities will cut the number of nurses they staff as long the cuts don’t impede patient safety.  Conversely, they are more likely to avoid cutting Allied Health staff because they generate more profit for medical facilities.

4. WHY SHOULD YOU START A MEDICAL STAFFING COMPANY?

The goal of a medical staffing agency is to act as an intermediary between hospitals and health professionals.  Specifically, the healthcare industry in affected by the following three elements:

• Education Gap:Over the years, nursing programs at accredited universities turned down over 70,000 nursing applications. Those who are qualified to teach these programs often opt to remain in healthcare facilities where the pay is higher. As a result, colleges often lack the internal infrastructure to support these students’ educational endeavors, despite those students’ qualifications. The education gap is largely responsible for preventing the steady replenishment of industry personnel.
• The Retirement of Existing Clinicians:Recent surveys show that many of America’s Baby Boomer clinicians intend to retire by the year 2019.  Most Baby Boomer nurses, 73% to be precise, plan to retire by the year 2021, leaving hospitals with many positions to fill.
• Baby boomer treatment:As Americans grow older, their need for high-quality, long-term treatment becomes greater. To properly treat patients with high medical demands, hospitals need staff that can aid in this process.

5. STARTING A MEDICAL STAFFING COMPANY

Exploring and maximizing all possible revenue streams will help your medical staffing agency turn the highest profit. When starting a medical staffing company, it is essential to build a team that can earn income from all sources. With ongoing support from staffing consultants, your agency can enjoy many benefits.

visit us to learn more www.rns-rd.com

Reference: https://www.whatisbluesky.com/blog/bid/107843/how-does-per-diem-medical-staffing-work https://www.businessnewsdaily.com/

https://en.wikipedia.org/wiki/Allied_health_professions

The entrepreneurial mindset is about a certain way of thinking — it is about the way in which you approach challenges and mistakes. It is about an inherent need to improve your skillset and to try and try again.

But why is this important?

The entrepreneurial mindset is what you need to propel yourself forward. This mindset can dim as you get entrenched in the daily grind of entrepreneurship. But by making an effort to embody this mindset, you position yourself to meet everyday challenges and experience growth.

Revisit Your Vision On A Daily Basis

Much of the entrepreneurial mindset involves a steadfast commitment to a very narrow vision. This drive allows entrepreneurs to carry out the necessary steps to accomplish that vision. The problem is that the demands of the day can get in your way, creating a space where your vision recedes. This leaves room for frustration and doubt, which can lead to stagnation or worse.

That’s why it’s so important to make an effort to set aside a specific time every single day to focus upon your vision and your goals — to bring your vision to the forefront. You don’t need to set aside hours to remind yourself of why you’re doing what you’re doing. Even 10 minutes can be enough to create the energy needed to refocus your efforts and propel you to work a little harder the next day. The key, however, is to actually make this commitment concrete. Write it in your planner if you have to. Set a reminder on your phone at the end of every night. Over time, it will become a habit. 

Put Yourself In Challenging Situations 

As an entrepreneur, you will naturally face new challenges every day. Just because obstacles arise doesn’t mean you should be afraid of making mistakes. If you want to cultivate an entrepreneurial mindset, you have to embrace challenges. You have to seek them out.

It all comes down to basic psychology. The more that you put yourself in challenging situations, the more you will find that you not only equip yourself with the skills to handle those very challenges but also the confidence of knowing that you were able to succeed. So, make an effort to put yourself in challenging situations every single day — even in your personal life. And don’t be afraid of making mistakes.

Much of the entrepreneurial life is about trial and error and mistakes are a natural byproduct of that. But more than this, mistakes are an opportunity for growth. Extract all of the value from them that you can.

Read On A Daily Basis

The best entrepreneurs out there are never content with the way things are. That’s exactly what drives them to create in the first place. This also applies to their own skillset. Simply put, entrepreneurs are always looking to improve themselves in some way. This could be adding to their skills or reading motivational quotes to inspire them to take action.

If you want to get into the entrepreneurial mindset, you have to act like an entrepreneur. You have to commit to becoming a better version of yourself. This means nourishing your brain by reading on a daily basis. Learn new skills. Devour books about successful entrepreneurs. The more you read books like these, the more you’ll think like them as well.

Approach Problems From All Sides

If you read a lot about the entrepreneurial mindset, there is a common thread: the idea of approaching problems from all sides. Simply put, the entrepreneurial mindset is about thinking differently than the rest.

Again, the entrepreneurial life is about trial and error. That means that you have to learn to think differently and approach problems from a range of different angles if you expect to move forward. Chances are high that your first solution may not be the best one.

You can take this one step further by daring to do things differently each and every day. Even something as small as changing your environment or going on a walk (a Stanford study found that walking increases creativity by as much as 60%  can help you approach things differently.

Always Be In Motion: Provide Value

If entrepreneurs are not thinking about their vision then they are actually putting their vision into motion. Much of the entrepreneurial mindset is to simply do. They have discipline, which allows them to continually reach their goals. But there is a secondary component to this “doing.” The truest entrepreneurial mindset is about providing value. Entrepreneurs are on a quest to help the customer in some way and to continue to make their service better and better. They identify problems and solve them.

So, by treating tasks as problems to be solved — and thinking about how you can provide value at every single turn — you can continually put the entrepreneurial mindset into practice. 

Above all, the entrepreneurial mindset is about being committed to your vision regardless of the challenges and obstacles along the way. It is about seeing mistakes as an opportunity for growth and not as something to be feared. It is about approaching problems from a range of different ways. By embodying all of the above, you can strengthen your mindset and equip yourself with one of the most important tools that an entrepreneur can have.

Perhaps owning your own business is your next move.

As a nurse entrepreneur, you control everything, from your calendar and career path to your success or failure. Whether you plan to launch a nursing education business, work as a legal nurse consultant, start a community-based elder care business, or sell products, growing a profitable business requires information, inspiration, and insight into industry needs.

So what do you need to know and do to avoid costly mistakes?

Adopt an entrepreneurial mindset. Thinking like a business owner instead of an employee, is essential, says Michelle Podlesn, RN, president of the National Nurses in Business Association (NNBA) and author of Unconventional Nurse: Going from Burnout to Bliss! “When you realize you are your business, you start looking at everything with fresh eyes from that viewpoint. And yes, every nurse can adopt it. In my book, I ask nurses to make this paradigm shift so that they can strengthen and prosper their careers, regardless of their setting,” says Podlesni,

Create a business plan. It can be simple, but having one is essential.  In short, it’s a description of your business goals and the strategies you will use to meet them. Update and revise when necessary.

Clarify your business focus or niche. Be clear about your idea’s scope and target audience. Who are your intended customers for your services or products?

Research marketplace need. Ensure a market exists for what you want to do with your business. Do a market analysis to help you see potential opportunities and threats as well as the strengths and weaknesses of your competition.

Find a mentor. Relationships matter. Get a mentor you trust and respect to brainstorm ideas. Learn from his or her mistakes and setbacks. When you are ready to take your business to the next level, consider a business coach.

Keep learning. Developing your business skills is a wise move. Running a business requires skills in marketing, negotiating, and branding. Read widely, attend conferences, take classes, and consider a certificate program on innovation and entrepreneurship.

For resources, including mentors, check out the NNBA, a professional nursing association for nurses transitioning from traditional nursing to small business ownership and self-employment.

As a nurse, you are keenly aware of what needs to be fixed to improve patient care. As a nurse entrepreneur, you can provide solutions and advance patient care while being your own boss. Are you ready?

Reference: https://dailynurse.com/tips-for-aspiring-nurse-entrepreneurs/