Want to learn more about how you can start a business that meets you need for financial ease, freedom, and fulfillment?

As nurse entrepreneurs, we understand the importance of trust and credibility. When clients seek our services, they trust us with their well-being. 

To build a thriving business, we must address the inherent risks clients perceive when choosing a service. This article will explore three core strategies to effectively reduce these perceptions of risk. 

Before diving into the strategies, let's briefly recap the three essential roles of marketing:

The Three Roles of Marketing

There are three roles of marketing.

1. To get your audience’s attention
2. To establish if your offer is a good fit by using the three filters of relevance, credibility, and value
3. To lower the risk of taking the next step

You might be surprised, but even if someone decides that you are exactly what they are looking for (relevance), that they trust you (credibility), and that your offer is a really good deal for the money (value), they might still not buy.

How could this be?

It’s probably because of a cold, stone wall of risk between you and them.

They are standing on one side of the wall with money and a desire to work with you. However, the wall is too high to get through or over easily.

So, how do we lower, eliminate, or even reverse that wall so it’s a gentle downhill slope toward us? How do we make it easier for people to say ‘yes’?

• Full name
• Credentials
• Location
• Contact information (with permission)
• Before/After experiences
• Stories of challenges overcome
• What makes you unique
• Biggest client benefit
• Comparison to competitors

The Power of Word-of-Mouth (Silverman's Insights)

George Silverman's work on word-of-mouth marketing emphasizes its importance, especially for high-stakes services like healthcare. Clients rely on others' experiences to mitigate risk when direct experience is impractical or too risky. Key takeaways from Silverman:

• Direct experience can be risky, time-consuming, and anxiety-producing.
• Indirect experience (hearing about others' experiences) can be more valuable than direct experience.
• People are more likely to trust recommendations from peers, experts, and independent rating services.

For any real depth or meaning, choosing a marketing path should be guided individually based on your personality, audience, stage of business, and all the other things we’ve covered in the Incubator. Without that guidance, you can still survive, but your business growth and development will be much slower and more painful.

As nurses, we are naturally in the human relations business, so one of the best marketing paths for us is what some people call “Conversational Marketing.” This means talking to your audience through marketing, just like in person. It applies to social media posts, paid ads, website content, email content, videos, networking, and all the rest. 

Networking

Let’s start with networking because, for most of us, this is where we’ll get the best return on our efforts. For networking, we are going to events to connect with other people in our area of interest or who are “hubs” of people in our audience. How can we do this most effectively?

Secret #1: Go with a friend or colleague. A friend can talk you up in a way that you cannot talk about yourself, and you can rave about your friend in ways they cannot. If you go with each other, you can promote each other, which is a fun way to do it.

Secret #2: Network for Hubs. I learned this secret from Bill Baren, a brilliant mentor to many people who are now business mentors. He said, “Don’t go networking for clients. Go networking for hubs.”

When you think about events, it’s better to go where there are people who are hubs of connections to lots of your clients and build connections with those hubs. Learning to do it well is like parachuting to the top of a mountain instead of climbing it rock by rock.

My best tip for starting this approach is to introduce yourself without needing to get anything from the hub person. Have a little bit of face time and a friendly personal connection. This does a ton in terms of the follow-up later.

Follow the model set by people like Phoenix Rudner, a realtor who focused on pet owners. Instead of thinking about where pet owners hang out, he could ask, “Where do all the hubs of pet owners hang out? Where do all these hubs get together in one place, where I could just go to one event and meet many folks?” This approach will dramatically leverage your time and energy. 

Secret #3: Get their card. Do not just give your card to them, but get theirs, too. I often see people making mistakes with this. They go to networking events and run around giving out their business cards. It looks like they are accomplishing something, but most people will get home and have no idea who gave them the cards they got that night. Then, they will throw away the cards because they cannot remember who the cards are from.

I recommend waiting to make a business card until you are already making money. If you do not have a card, when people ask you for one, you can say, “No, do you have one?” and then receive their card. 

This approach allows you to note something appropriate to send them, such as a blog post, a video, etc.- something useful that would start the relationship by being thoughtful and generous.

So, applying this to networking events, I would get their cards and leave with eight to ten cards. Leaving with ten hub cards you can follow up with is much more powerful than giving out 50 to 100 business cards! 

Another approach is 1:1 networking. Have lunch or coffee with people you already know. Just make your intention clear by saying something like, “I’d love to catch up with you and share what I’ve decided to do with my business,” or “I could really use some advice about such-and-such,” or “I want to do some marketing, and I want to talk to you about introducing me to your such-and-such.”

Yes, sometimes, if I am going to meet with somebody, I will say, “Hey, we should go for coffee. It seems there might be a few ways we could support each other. I’m not sure how yet, but how about we grab a quick 30-minute coffee and explore that?”

Then, you can have a more personal conversation, which is much better for growing your business.

When you attend an event with many people, see if you can meet a significant hub or connection. Then, set up a one-on-one meeting after the event.

Secret #4: Have a business card that works for you. When you are ready for a business card, two things are vital.

1. Have a current, awesome personal photo on it. People get so many cards, and they usually won’t remember who it is from, but if there is a photo of you, they can say, “Oh, yes, it is that person.” It helps more than you might think.

2. Use the back of your card to give them a “pink spoon,” like the free taste in an ice cream store. Invite them to your website, where they can opt-in for a gift and get acquainted with you at their own pace. Keep the URL simple, like (yourdomain).com/free. 

Ideally, the gift is online: an audio, video, PDF, quiz, or email series, and it will help the person check you out from a distance without having to book anything. Make it no risk for them and no effort for you.

Can the pink spoon be a small discount on your service? It can, but that is less pink-spoonish.

If you want to learn more about this approach, I recommend a brilliant piece by Seth Godin on being a Generosity-Based Business and the importance of Pink Spoons. You can Google it.

While you are at it, notice that free is not always generous. Sometimes, “free” can be an ultimately selfish move. A generous gift comes with no transaction anticipated, changes your approach to the market, changes your relationship with the recipient, and can even change you.

Social Media Marketing

It’s easy to find advice about social media marketing. Just be sure to look closely at the details about what is involved to get a good return on your investment of time, energy, and money.

I have little to say about social media marketing because I have not found a method that works for me. My general advice is to choose ONE media channel (Instagram, Facebook, LinkedIn, YouTube, Twitter, TikTok, or whatever), consistently post content your audience values, and do not spend money on ads until you have grown a strong following that engages with your content. 

It’s crucial to know what you're doing when you start spending money on social media ads. Otherwise, you'll likely receive a poor return on your investment.

I have consistently posted content and ads for another company that was paying me to do its marketing. However, I have not had enough success to say it was worth my time and energy. Other paths, like the ones I wrote about above, have been far more fruitful. This may be because I do not like social media much. So, if it works for you, that’s great. 

One exception is that I did a few Facebook Lives last year, and there was much more engagement with them than I expected. 

I post videos on YouTube when I have something to say. I enjoy watching YouTube videos, and I have gained a lot from them, so I am happy to add to that pool.

Email Marketing Tips

Do you receive way more emails than you read? Everyone does. However, that does not mean we don’t read any emails. We read them when we think there might be something worth our attention. 

I encourage you to email the people on your list when you have something to say that will benefit your audience. While some marketing mentors teach you to send emails as often as daily or multiple times a day during a product launch, I find that annoying. No one has that much to say that is worth that much of my time, not even my family members.

In my opinion, quality is more important than quantity when it comes to emails. Here are a few other tips.

1. First and foremost, email marketing is a conversation. Email is uniquely 1:1. Even if you send the same message to 1000 people, always remember you are writing to another human being. If you ask questions and your readers answer, acknowledge those readers and continue the conversations.

2. Email’s biggest advantage is that you can automate it. You can personalize your messages, deliver them at scale, track your audience’s actions, use automated workflows, and generate data that will help you better understand your customer’s problems and preferences.You can then build your marketing strategy around those relationships. Several systems can do this for you. I have used MailChimp, AWeber, Constant Contact, Infusionsoft/Keap, MailerLite, and Systeme.io. I recommend Systeme because it is easy, includes everything you need to create and send emails to your audience, set up automated follow-up email sequences, create a website, create courses, manage affiliates, track data... and they offer free and low-cost versions for small start-up businesses! Click here to learn more.

3. Post-sale marketing. Building a relationship with your audience is a process; a sale is not the end of communicating with your customers. It’s important to continue the conversation with your customers after the sale and give them the tools to spread the love about your business. If your customers love your product or service, they'll come back and/or might recommend it to their friends. 

4. Sponsored emails. If you enjoy writing and can provide content that is valuable to your audience, it has the potential to become a stand-alone business. For example, if your newsletter has a large and loyal audience, you can look into sponsorship opportunities or other ways to monetize your email content. Another approach is to provide exclusive content to the subscribers that support you financially. If that interests you, check out 88 Cups of Tea, an online platform and podcast for creative writers that offers special content for those who support them on the crowdfunding platform Patreon.

Conclusion

The purpose of marketing is to create awareness of your services, nurture a relationship with your audience, and provide a user-friendly pathway through which people can buy the value you provide. 

Approaching marketing with generosity and a focus on genuine connection will yield the most fruitful results. While various strategies, such as social media and email marketing, can be effective, it’s crucial to tailor your approach to your strengths, audience, and business goals. 

Nurse entrepreneurs can effectively grow their businesses by focusing on conversational marketing, building strong networks, and prioritizing quality interactions.

If you provide a custom service, please respect yourself by offering prices that honor the value you provide. 

SERVICE PROVIDERS: Know your value and be confident in it.

CONSUMERS: Recognize and respect the value of a specialist.

My Reflections on Advice I’ve Heard from Business Mentors

The following are my reflections on advice I’ve heard from many conventional business mentors. Be aware of this type of advice; in some cases, beware of it. My advice is at the end.

“Claim Your Worth” 

Let’s look more deeply at this.

How much are you worth? 

$25/hour? $150/hour? $500/hour? $10,000/hour? 

If other people charge more, are they worth more? 

Are you worth less than someone who charges more? 

Words matter: They shape how we see ourselves and others. Connecting our fees to our “worth” is an unhealthy comparison. 

The truth is: You are worth infinity. You are a precious human whose odds of being born are 1 in 400 trillion! 

“Charge what you’re worth” was perhaps started by some high-priced coach who needed to justify how much they charge people. 

So, let’s stop using the word “worth” when referring to our service fees. 

“Charge What the Market Will Bear”

This concept says that we are supposed to charge the maximum amount our clients will tolerate.

Now, let’s flip this around and apply The Golden Rule — How would you feel if I charged you the greatest amount you could bear? 

Many high-priced coaches and training programs charge as much as possible to maximize revenue and profit. 

They say, “If the customer pays more, they’ll take it more seriously and get more results.” 

While there is truth in that concept, many entrepreneurs use it to justify high prices. Another truth is that many people sincerely apply themselves when they pay high prices for programs, but they still don't get the results promised. 

Especially beware of expensive business education and coaching. This area is rife with enormous prices!

You might be thinking: But isn’t business supposed to work like this? Isn’t everyone out forthemselves? Don’t all sellers charge as much as possible? Shouldn’t all buyers beware? 

What do you believe about this? 

I don’t believe this is necessary or right, plus it is contrary to the ethics of the nursing profession. 

Let’s look at a few more types of conventional business advice. 

“Charge for the Value You Provide” 

Again, while there is truth in that concept, it can be used exploitatively at times. For example, if you are:

• A nurse coach who helps a couple avoid divorce, how valuable is that?

• A nurse healer who helps a person be able to work again, how valuable is that?

Either scenario could be worth hundreds of thousands of dollars, but in these cases, pricing your services based on the full value you provide would be exploitative. 

“Higher Prices = Higher Quality”

Some business mentors advise, "If something costs more, people will think it is better than a cheaper version." 

This is true until word of mouth spreads, and it always will. 

When you charge more, people expect more. When customer expectations are higher than what you can consistently deliver, you'll underdeliver, and your customers will feel disappointed.

However, when you charge at a standard rate, people expect standard service. Then, when you deliver exceptional service, they will be delighted, and they'll happily give you testimonials and talk about you to their friends.

Here’s My Advice

Charge Based on the Market Rate

It makes sense to price based on what your clients expect and see in the marketplace. The going market rate is the audience’s vote for what a service is “valued” for.

Look at the prices charged by people who offer similar services in the service tier you want to serve and start at the baseline rate of that tier. 

You probably won’t find a service exactly like yours, so look at services in the geographical and/or digital community you serve. Focus on licensed professionals with education and experience levels similar to yours. That might include counselors, therapists, physical therapists, acupuncturists, etc.

Then, consider your needs and reputation in the marketplace and price your services accordingly. 

The customer’s values are also important. If your customers want premium services and you can consistently provide them, then charging more can make sense.

However, before we rush to brand ourselves as premium or luxury, we need to consider whether luxury branding authentically aligns with how we want to present ourselves. Offering luxury services and prices may feel authentic to some people. 

If we describe three basic service tiers as premium, standard, and economy, what tier do you want to use to offer your services? 

It might help to think of a familiar product like a car. Cadillac, Buick, and Chevrolet represent General Motors' premium, standard, and economy car tiers. 

Another example of tiers is when a business offers Gold, Silver, and Bronze membership levels.

Which of these tiers do you want to position yourself and your nurse coach, consultant, or healing arts business in?

Here’s How I Charge

Everyone needs to come to their own pricing, but these are my overall guidelines.

Enoughness in Pricing

I want my brand to be known as effective and customized, imparting value to people that will serve them for years to come. That would fit a premium service, but I also want to serve as many nurses as possible, not just those who can afford to pay premium rates. How should I price my services?

Here’s where my core values come in. 

When choosing my prices, one of my core values is asking myself: Do I have what I need?

My answer is yes. So, my company delivers premium services at standard rates. I charge less than my peers in the premium tier, and I’m grateful to be able to do so.

Should you always charge less than your peers? 

No, it depends on two factors: Your needs and your reputation.

If you need more, it’s completely OK to charge more.

If your reputation is such that your audience feels your service is unique and cannot be compared to market rates, then, of course, you can authentically, with integrity and joy, position your service at the highest price.

You can get to that level when you continuously listen to your customers and improve your service. 

Compassion in Pricing 

Another core value I follow in my pricing is Compassion. We’ve all had the following two experiences: 

Experience 1. We want to buy a service but see the price and feel a sticker shock. We think, “Wow, they charge a lot!” As we consider making the payment(s), we might feel stressed rather than relieved and grateful. If the buyer has shopped around, they have a sense of the market rate.

Experience 2. We love a service, and the pricing is so affordable! We think, “This is SUCH a good deal. I would be so happy to tell others about this service!” We feel relieved by their pricing… grateful… and become advocates of that business. The seller charges compassionately, and the buyer feels they want to take care of the business’s well-being by expressing gratitude. This is reciprocal compassionat work, and it can create an ongoing, widening cycle of compassion that spreads. 

What could happen if all sellers aimed to give their audience the experience of “What a great deal!”?

Charge Less Until You Have a Waiting List 

Consider the price range in your chosen service tier and set your prices in the middle of thatrange. Then, offer a lower introductory price for the first 10 (or another number) customers.

If people see your service as a great value for the price, they will tell others. 

You'll improve your skills quickly by having many clients because you're doing the work! 

Then, raise your rates over time as your skills and service demand increase. 

When you have a waiting list, raise your rates. If you want to start a group, do that simultaneously and charge your previous one–to–one price for participation in the group. That way, your clients can stay with you in the group if they can’t or don’t want to pay your new price.

PS: Your one–to–one service should not be your lowest-priced offering. Always offer something free, like an ebook or workshop, so the audience can connect with you and benefit from your approach without committing to a large investment. After a while, you’ll want to add one or two lower-cost services as on-ramps to your highest-priced offer, which is your one–to–one service.

The Bottom Line 

Separate your service rate from your “worth.” Aim to charge from enoughness and compassion. Build an audience and clientele that feels deep gratitude for your business and its services.

Sources of Inspiration

https://www.uhltrawomanart.com/post/pricing 

https://www.GeorgeKao.com/blog/EnoughnessCompassion

https://allstarcareerservices.com/2021/03/a-conversation-about-perceived-value 

How Long Do Business Incubators Usually Take?

Business incubators usually take about a year to complete, but entrepreneurs can often stay longer, if necessary, to develop their business to Stage 2.

Pros of a Business Incubator

There are many benefits of a business incubator for a growing startup, such as:

Self-paced and structured: Incubators are structured programs that are often self-paced. 

Learn and grow: The best business incubators give you access to a network of mentors, coaches, and educational content geared toward business success. Mentors can include entrepreneurs, accountants, investors, lawyers, researchers, and more.

Find funding: Acceptance into a reputable incubator can serve as proof of your skills to investors who may want to fund your ideas. 

Network with other startups: Incubators are not usually cohort-based, but you'll meet with fellow entrepreneurs, which gives you natural opportunities to share ideas, get support, and form mutually beneficial partnerships.

Improve focus: Incubators encourage accountability and offer a structured environment to help you focus, develop your business without missing necessary steps, and achieve your goals.

Cons of a Business Incubator

While business incubators offer a host of benefits, there are a few downsides to consider, too:

Time commitment: Some incubators require consistent time commitments to meet developmental milestone deadlines.
Limited access: The incubators with higher reputations have more applicants, making them harder to get into.
Rigid schedule: Incubators often require strict attendance at training, workshops, and other learning activities. While distracting for some, this education can be invaluable to those who need and want it.

How Does the Application Process Work?

Business incubators typically require an application and interview to join, plus a specific minimum participation time commitment. Business incubator application processes usually include these steps:

Apply: Answer questions about yourself and your business idea. Describe your current business activities, if any.

Interview: Have a video call so the interviewer can meet you. 

Receive a decision: The acceptance notification usually takes a few weeks. If the incubator offers financial aid, you can apply for it after you are accepted.

• Choose their best business idea

• Prove its value in the marketplace, and 

• Position their business to grow and develop sustainably

LNBI is unique because it was designed by nurse entrepreneurs, for nurse entrepreneurs. 

This is important because nurse values, viewpoints, and challenges, e.g., legal responsibilities, are best understood by nurses. 

The Liberated Nurse Business Incubator (LNBI) is built on a foundation that includes state Nurse Practice Acts, Holistic Nursing Scope and Standards of Practice, the ADOPIE nursing process, and best business practices that are evidence-based and trauma-informed.

Your incubator mentors will teach you how to use best business practices, hone your business plan, market and deliver outstanding programs or services. As a result, you'll have a company worth investing in.

Is Joining the Liberated Nurse Business Incubator Program Right for You?

The Liberated Nurse Business Incubator (LNBI) provides nurse entrepreneurs with the education, coaching, and tools they need to start a sustainable business. 

LNBI is specifically designed for nurses’ Stage 1 businesses, where it is especially beneficial to work with nurse business coaches who have experience in your field. 

The LNBI can be the right choice for you if you 

• Have not started your business yet OR

• You’ve started but aren’t consistently making at least $3000/month NET income

“The Liberated Nurse Business Incubator program was transformative for me! I’ve discovered practical, tangible ways to redefine & reclaim my nursing practice that create healing for me & my clients, & create a sense of safety & stability in my "lane." It IS possible to liberate my nursing practice!” ~ Elizabeth Ranum, MA, RN, NBC-HWC, Integrative Health & Wellbeing Coach

How to Apply for the Liberated Nurse Business Incubator Program

Apply for the Liberated Nurse Business Incubator today. If you are accepted, we will assess your personal and professional strengths and match you with a nurse business coach. 

Then, you'll gain access to the online business education, coworking space, and coaching you need to develop your business plan, receive start-up funding if you want it, launch your business, and profitably market your program or service. Learn More Here.

References

Birth of Business Incubators | The Mill Magazine. https://themillmagazine.com/character/birth-of-business-incubators 

Business Incubator. https://repository.najah.edu/items/9bf876e0-71c0-4b1c-8002-6c88eb096353 

Business Incubator Helps Propel Nursing Business to Millionaire Club

Business incubator program. https://hurmaninvesterargejhkdf.netlify.app/110/95393.html 

Business incubators are quizlet. https://lonxrts.web.app/90313/14776.html 

Guide To Build And Manage A Successful Business Incubator - HowDo. https://howdo.com/masterclass/tools/business-incubator 

What Is a Business Incubator? — NEXEA. https://www.nexea.co/what-is-a-business-incubator 

What Is a Business Incubator? https://www.draperuniversity.com/blog/what-is-a-business-incubator

Valero, J. N., Saitgalina, M., & Black, R. A. (2021). Understanding the Nature of Non-Profit Incubators with Other Sector Incubators in the Founding of Social Change Organisations by Social Entrepreneurs. https://doi.org/10.1080/19420676.2021.1977975 

1. Home Health or Home Care Agency

The home health service and home care agency models present compelling business opportunities for nurses. While both services cater to individuals needing assistance, home health focuses on medical care provided by nurses and therapists, while home care offers non-medical support through licensed care aides. This distinction is crucial for those considering starting a business in this sector.

Description: Home health and home care services are similar but different. Understanding the distinction between these is crucial, though many companies bridge the two by offering a comprehensive range of medical and non-medical services. 

• Home health services provide nurses and therapists who focus on clinical and rehabilitative care, including wound care, medication administration, and physical therapy. 

• Home care services are non-medical and include bathing, cooking, and companionship assistance. Licensed care aides typically provide these services. 

Target Market: Elderly individuals requiring assistance with daily living and individuals of any age who are recovering from surgery, chronic conditions, or disabilities.

Potential Startup Costs: $60,000 - $100,000+ (including licensing, insurance, initial staffing, and equipment)

Necessary Qualifications: Registered Nurse (RN) license - Home Health Agency License (state-specific) - Medicare certification - Medicaid certification (state-specific)

Successful Nurse Business Example: Cathy Thorpe, RN, founded the home care agency "Nurse Next Door." This company provides holistic, personalized home care with a strong emphasis on creating a "happier aging" experience for clients. It has more than 400 franchise offices across the US, Canada, England, and Australia. 

Potential Challenges: Navigating complex healthcare regulations and licensing requirements - Managing a team of healthcare professionals - Ensuring consistent quality of care

Tips for Success: Develop strong relationships with local hospitals and physicians for referrals - Implement robust quality control measures and ongoing training for staff - Utilize technology for efficient scheduling and patient management

2. Health and Wellness Coaching and Consulting

Nurses have the knowledge and skills to help people across the lifespan improve their health and well-being. Health and wellness coaching and consulting is an ideal way for nurses to use their expertise to make a difference in the lives of others. As a health and wellness coach or consultant, you can help clients achieve their health goals through personalized guidance, education, and support.

Description: Coaches offer personalized nurse coaching services to help clients achieve their health goals through lifestyle changes, nutrition advice, and stress management techniques. Consultants offer non-personalized education in health and other topics to individuals, groups, and organizations.

Target Market: Individuals seeking to improve overall health and wellness - People with chronic health conditions looking for lifestyle management - Corporate clients seeking wellness programs for employees

Potential Startup Costs: $5,000 - $20,000 (including certification, website development, and initial marketing)

Necessary Qualifications: Nursing degree (RN) - Optional nurse coach certification, e.g., from the American Holistic Nurse Credentialing Corporation (AHNCC) or the National Board for Health and Wellness Coaching (NBHWC) - Continuing education in nutrition or other specific wellness areas is beneficial

Successful Nurse Business Example: Nicole Vienneau, MSN, RN, NC-BC, founded Blue Monarch Health, PLLC. This company has two foci: It consults with small businesses to establish unique healing environments so everyone feels their best at work. It also helps mid-life women who are stressed, exhausted, and saying ‘yes’ to everyone find peace, passion and joyful work-life balance. 

Potential Challenges: Standing out in a crowded market - Establishing credibility as a nurse coach - Balancing one-on-one nurse coaching with scalable business growth

Tips for Success: Obtain additional nurse business education designed for nurse coaches and consultants to help you attract clients with clear messaging and a strong online presence

3. Health Writing and Content Creation

With their unique health and medical education, nurses can create engaging and informative content that can benefit a wide range of audiences. Whether you're looking to write for healthcare websites, medical journals, or patient education materials, there are numerous opportunities to make a positive impact.

Description: Use your medical knowledge to create content for healthcare websites, medical journals, or patient education materials.

Target Market: Healthcare websites and blogs - Pharmaceutical companies - Medical device manufacturers - Healthcare marketing agencies - Medical journals and publications

Potential Startup Costs: $1,000 - $5,000 (including computer equipment, software, and initial marketing)

Necessary Qualifications: ANY Clinical Background, including LPNs/LVNs - Strong writing skills - Familiarity with medical terminology and research methods - Optional but beneficial: Certification in medical writing

Successful Nurse Business Example: Elizabeth Hanes, RN, is a successful medical writer who went on to found RN2writer, an educational platform that teaches nurses how to become freelance health writers. 

Potential Challenges: Staying up-to-date with the latest medical research and guidelines - Balancing accuracy with readability for diverse audiences - Finding consistent clients or projects

Tips for Success: Develop niche expertise (e.g., pediatrics, oncology, or mental health) - Build a portfolio of published work to showcase your skills - Network with medical communications agencies and healthcare publications

4. Nurse Practitioner Telemedicine

Telemedicine allows nurse practitioners to offer virtual healthcare services remotely. This section explores the opportunities and considerations for establishing a nurse practitioner telemedicine service in your business.

Description: Provide virtual healthcare services or consultations to clients via video calls or messaging platforms.

Target Market: Individuals seeking convenient, remote healthcare services - Rural or underserved communities with limited access to healthcare - Individuals with mobility issues or time constraints

Potential Startup Costs: $10,000 - $50,000 (including telemedicine software, computer equipment, and licensing fees)

Necessary Qualifications: Active APRN license - Familiarity with telemedicine platforms and digital health technologies - Optional certifications in telemedicine (e.g., from the American Telemedicine Association)

Successful Nurse Business Example:Nurse Practitioners Business, founded by Barbara C. Phillips, NP, offers business education and consulting services for nurse practitioners looking to start their own in-person and telemedicine practices.

Potential Challenges: Adapting to the technology and workflow of telemedicine - Ensuring patient privacy and data security - Navigating state-specific telemedicine regulations

Tips for Success: Invest in reliable business education designed for nurse practitioners - Use HIPAA-compliant telemedicine software - Develop clear protocols for virtual assessments and follow-ups - Stay informed about evolving telemedicine laws and reimbursement policies

5. Medical Device or Healthcare Product Development

Medical device or healthcare product development is an exciting and rewarding field that allows nurses to combine their clinical knowledge and entrepreneurial spirit. By identifying gaps in patient care and using their expertise to develop innovative solutions, nurses can significantly impact healthcare. This section will explore the opportunities and challenges of starting a medical device or healthcare product development business and provide tips for success.

Description: Use your clinical experience to identify gaps in patient care and develop innovative medical devices or products to address these needs.

Target Market: Healthcare facilities (hospitals, clinics, long-term care facilities) - Home healthcare providers - Individuals with specific medical needs

Potential Startup Costs: $100,000 - $1,000,000+ (depending on the complexity of the device and regulatory requirements)

Necessary Qualifications: Nursing degree (RN or BSN) - Experience in the relevant clinical area - Knowledge of medical device regulations (FDA requirements) - Collaboration with engineers or product designers

Successful Nurse Business Example:Nurses Inspire Nurses, founded by Marsha Battee, RN, developed the “NurseWatch,” a specialized watch for nurses that combines multiple tools they need during their shifts.

Potential Challenges: Navigating the complex process of medical device approval - Securing funding for research and development - Competing with established medical device companies

Tips for Success: Collaborate with engineers or product designers to bring your ideas to life - Seek mentorship from experienced medical entrepreneurs - Consider partnering with a medical device incubator or accelerator program

6. Nursing Continuing Education and Training Services

A nursing continuing education and training services business can be a rewarding venture for nurses who want to share their knowledge and expertise with fellow healthcare professionals. Below are key points about the target market, potential startup costs, necessary qualifications, successful nurse business examples, potential challenges, and tips for success in this rapidly growing field.

Description: Develop and deliver specialized training programs or courses for healthcare professionals seeking to expand their skills or maintain certifications.

Target Market: Nurses and other healthcare professionals requiring continuing education credits - Healthcare facilities seeking staff development programs - Nursing students preparing for NCLEX or other certifications

Potential Startup Costs: $10,000 - $50,000 (including course development, e-learning platform, and marketing)

Necessary Qualifications: Advanced nursing degree (BSN, MSN, or DNP) - Expertise in specific clinical areas or skills - Teaching experience or instructional design skills - Accreditation from relevant nurse education bodies

Successful Nurse Business Example:NURSING.com, founded by Jon Haws, RN, offers a comprehensive online learning platform for nursing students and practicing nurses, providing NCLEX prep and continuing education courses.

Potential Challenges: Creating engaging and effective educational content - Marketing your courses to healthcare institutions or individual professionals - Keeping course content up-to-date with evolving medical practices

Tips for Success: Focus on niche topics or skills that are in high demand - Leverage e-learning platforms to reach a wider audience - Partner with healthcare organizations or professional associations for a broader reach

7. Healthcare Staffing Agency

Healthcare professionals are in high demand, and healthcare staffing agencies can be crucial in connecting facilities with qualified nursing professionals for temporary or permanent positions. Starting a healthcare staffing agency can be a rewarding and lucrative business opportunity for nurses with a strong entrepreneurial spirit and a passion for helping healthcare facilities and professionals. This section explores the target market, potential startup costs, necessary qualifications, successful nurse business examples, potential challenges, and tips for success in the healthcare staffing industry.

Description: Start an agency that connects healthcare facilities with qualified nursing professionals for temporary or permanent positions.

Target Market: Hospitals and healthcare facilities with staffing needs - Travel nurses seeking new opportunities - Healthcare professionals looking for flexible work arrangements

Potential Startup Costs: $50,000 - $200,000 (including licensing, insurance, initial marketing, and technology platform)

Necessary Qualifications: Nursing background (RN) - Understanding of healthcare staffing regulations - Strong networking and relationship-building skills - Business management experience is beneficial

Successful Nurse Business Example:Cascade Health Services, founded by two visionary RNs in 1988, has grown into a successful healthcare staffing agency with more than 2500 employees serving more than 800 facilities.

Potential Challenges: Building a large network of qualified healthcare professionals - Competing with established staffing agencies - Managing the complexities of healthcare credentialing and compliance

Tips for Success: Develop a user-friendly platform for matching nurses with job opportunities - Offer value-added services such as credentialing assistance or continuing education - Focus on a specific niche (e.g., travel nursing or specialized nursing fields)

8. Legal Nurse Consultants

Nurses passionate about healthcare and legal matters can find a fulfilling career as a Legal Nurse Consultant (LNC). By leveraging their nursing background and clinical experience, LNCs play a crucial role in assisting attorneys, law firms, and healthcare providers. This section delves into the world of legal nurse consulting, uncovering the target market, potential startup costs, necessary qualifications, successful nurse business examples, potential challenges, and tips for success in this specialized field.

Description: Help lawyers evaluate evidence, confirm healthcare facts, prepare for litigation, and prove their cases. LNCs also prepare analyses and documents, testify as expert witnesses, and educate legal staff on nursing and healthcare issues. As a nurse, you already have the foundation to succeed as a legal nurse consultant (LNC).

Target Market: Attorneys, particularly those practicing in areas like medical malpractice, personal injury, workers' compensation, and long-term care. 

Potential Startup Costs: $3,000 to $15,000 (including certification, business licensing, liability insurance, and initial marketing)

Necessary Qualifications: Nursing degree (RN) - This nurse consulting business best suits experienced nurses with strong clinical expertise and attention to detail. 

Successful Nurse Business Example: Lorie Brown, RN, MN, JD, started her legal nurse consulting business over 25 years ago. Now she teaches nurses how to follow her proven system for success. Learn more at Empowered Nurses.

Potential Challenges: Adapting to regulatory changes, communicating complex medical concepts, ethical conflicts, and maintaining professional integrity

Tips for Success: Focus on developing strong communication skills, building a solid understanding of both medical and legal practices, actively networking with attorneys, joining professional associations like the AALNC, attending relevant conferences, maintaining accuracy in medical record analysis, and being prepared to testify as an expert witness when needed

9. Patient Advocacy Services

In today's complex healthcare system, patients often struggle to understand their treatment options, navigate the medical bureaucracy, and communicate effectively with healthcare providers. Nurses with specialized training and experience can offer patient advocacy services, providing valuable support and guidance to individuals and families facing complex medical situations.

Description: Offer services to help clients navigate the complex healthcare system, understand their treatment options, and communicate effectively with healthcare providers.

Target Market: Individuals with complex medical conditions - Elderly persons and their families - Individuals facing significant medical decisions or procedures

Potential Startup Costs: $5,000 - $20,000 (including certification, insurance, and initial marketing)

Necessary Qualifications: Nursing degree (RN) - Patient Advocate Certification (e.g., from the Patient Advocate Certification Board) - Strong communication and negotiation skills - Knowledge of healthcare systems and patient rights

Successful Nurse Business Example:Nurse Advocate Partners, founded by Teri Dreher, RN, has become a successful patient advocacy firm that offers a range of services to help individuals and families navigate complex medical situations.

Potential Challenges: Defining the scope of your services and setting appropriate boundaries - Building trust with clients and healthcare providers - Staying informed about patients’ rights and healthcare policies

Tips for Success: Obtain additional education in patient advocacy - Develop strong communication and negotiation skills - Build relationships with local healthcare providers and community organizations

Discover and Do What You Love

As you can see, there are many options for nurses who want to start a business. If you want to be a nurse entrepreneur, your first task is to identify the types of people you will love working with and the problems you most enjoy helping them solve. Then, test your ideas.

The National Nurses in Business Association offers resources, self-employment ideas, and training for its members. Another top resource is LiberatedNurse.com. This holistic business development community provides business coaching and continuing education (CE) courses designed by nurse entrepreneurs to help nurses start and grow thriving businesses they love.

Conclusion

As a nurse, your skills and experience provide a strong foundation for entrepreneurship in the healthcare sector. Each of the nurse business ideas above offers unique opportunities to leverage your expertise, make a meaningful impact, and achieve greater career freedom and flexibility. When entering nurse entrepreneurship, remember to:

1. Conduct thorough market research to identify gaps and opportunities in your chosen niche

2. Develop a solid nurse business plan and seek mentorship from experienced nurse entrepreneurs

3. Stay informed about healthcare regulations and follow the guidelines attached to your licenses or certifications

4. Continuously update your skills and knowledge to stay competitive

5. Network with other healthcare professionals and join relevant industry associations

Visit LiberatedNurse.com today for business education designed BY nurse entrepreneurs FOR nurse entrepreneurs. Discover innovative ways to apply your skills, achieve personal and professional growth, and make a positive difference in people’s lives within and beyond conventional healthcare settings.

If you're not sure if starting a business is right for you, check out our Liberated Nurse Entrepreneur Starter Kit course.

Introducing the "Liberated Nurse Entrepreneur Starter Kit."

The Liberated Nurse Entrepreneur Starter Kit Delivers Results Even If…

Here’s what you'll experience when you enroll in the Liberated Nurse Entrepreneur Starter Kit mini-course: