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Wondering what you need to open a business during the pandemic? Here are eight things nursing business owners and nurses need to know.
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Can A Nurse Practitioner Open Their Own Practice
You may be thinking, “What do I need to do to start my own business as a nurse practitioner or nurse practitioner (NP)? How difficult will that be? What support do I need?’
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Starting your own business is not like nursing school or your first job as a nurse. It is similar in that it:
We spoke with entrepreneurs Wendy Jules, RN, BSN, and Peggy Roberts, DNP, WHNP-BC, who know a thing or two about nurse entrepreneurship. Both opened their businesses during the COVID-19 pandemic!
As registered nurses, Jules and her co-founder Carla Nelson knew they had the skills to open a healthcare business. Their training and experience in nursing gave them confidence.
“[We] just had to take a leap of faith to open Fleur De Lis Beauty & Esthetics,” says Jules.
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They say that passion for the services or products you offer is essential. If your passion doesn’t shine through, neither will your customers.
Roberts also notes the importance of taking your time. Due to the pandemic, it took almost a year for Roberts to open the doors of Trust Women’s Healthcare. Even though it took a long time, starting a business is a huge responsibility. There are many risks involved and you want to handle this properly.
Are you ready to take the next step? Here are eight essential steps to take when opening a new business.
While starting a business can be profitable, knowing your “why” is even more important than making money. If you want to have a successful, scalable business, take the time and write down exactly why you want to be a business owner.
How To Start Your Own Practice As A Nurse Practitioner
For both of our nurse entrepreneurs, the “why” behind their business manifests in personal ways, including representation, accessibility, and giving back to their community.
Jules and Nelson noticed a major lack of representation of Black skincare providers in their community. That’s when they came up with the idea to open Fleur De Lis Beauty & Esthetics, a medical spa in Brooklyn, New York.
“Our goal was to provide easy access to corrective skin care,” says Jules. “We also wanted to create a beautiful space where customers can come, relax and make self-service a priority.”
Roberts wrote Trust Women’s Healthcare as a way to give back to her community. After earning her doctorate, she was amazed by the vast health disparities faced by black women in the United States. Black women are 3.5 times more likely to die from complications during pregnancy than white women, necessitating advocacy for patients of color.
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After looking for other leadership positions and speaking with colleagues, Roberts decided that opening a women’s clinic was the best way to give back to her community. She also hopes to reduce health disparities among women of color.
There are many types of business structures to choose from. First you need to decide which type of business suits you and your business best.
There are pros and cons to these business structures, so make sure you do your research to find the best solution for your goals.
Do you want to open your own nursing company, but how will you finance it? There are many ways to finance your business. You can use the money you have saved or take out a loan from a bank.
Full Practice Authority
When Jules and Nelson launched their business during the pandemic, they faced obstacles in obtaining funding. Many banks were unwilling to support their activities.
“At first we relied on our family, friends and ourselves, draining our $401,000 to fund the business,” says Jules.
Fortunately, they partnered with Carver Bank, the largest African-American-owned bank in the United States, to help them navigate the banking system during the pandemic.
Talking to a CPA can save you a lot of time and prevent mistakes. The benefits of consulting an accountant can help you set up your business successfully, Roberts says.
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When you start a business, you may think that all lawyers are created equal. They are not. The healthcare sector is specialized. Roberts suggests finding attorneys who are well versed in health care law.
Don’t forget to budget for a lawyer. They can be expensive. Roberts is based in New York, so her lawyer came with a hefty price tag.
Make sure you do your research before visiting an attorney. Prepare your questions. The better prepared you are, the lower the costs.
If you want to open a medical spa, obtaining certifications will allow you to offer different services and attract more customers. Jules suggests obtaining the certifications your practice needs.
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“For me, we decided to do intravenous (IV) hydration, so I got IV and injectable certifications,” says Jules.
Build as much external knowledge as possible to bring value to your clients and wealth to your practice.
Starting a business can be confusing and emotional if you have a partner. Personalities can clash. This can be exhausting and detrimental to your business goals.
For Jules and her sister-turned-business partner, this meant separating their personal relationships from their business relationships. By doing this there is less room for role confusion.
How To Become A Nurse Practitioner (np)
“When everyone is doing everything, it’s hard to keep track of your success or failure,” says Jules.
Note that the scope of practice of NP varies from state to state. Some countries have complete power; some have restrictive powers. Make sure you know what level your state offers.
In the age of social media, it shouldn’t be too difficult to find resources to help you navigate nurse entrepreneurship. Roberts suggests using social media platforms like Instagram or LinkedIn to network and access the resources available to you. You can also get a lot of information from nurses and general practitioners who open similar businesses.
If you’re suspicious, Roberts recommends checking the website or LinkedIn profile of the companies or business owners from whom you want advice. Follow them for a while and see who else they follow. Finally, make a decision based on your findings.
Can An Np Open A Med Spa?
Remember that as a nurse you have many transferable skills that can contribute to successful entrepreneurial adventures. You have to take the first step to get where you want to be.
Peggy Roberts, DNP, WHNP-BC, is a PhD-prepared, board-certified, registered nurse for women in New York. She has extensive experience in preventive medicine for women, high-risk pregnancies and sexual medicine. Roberts’ passion and dedication to providing women with the best care led her to her own practice, Trust Women’s Healthcare, which provides comprehensive and holistic care to women of all ages.
Wendy Jules is a passionate aesthetic nurse and co-owner of Fleur De Lis Beauty & Esthetics, located in the heart of Brooklyn, New York. Before Jules started working in skin care, he traveled the world as a crisis nurse to help people with natural disasters and victims. Jules’ main goal at Fleur De Lis Beauty is to create skin care and wellness that is central to the lives of its customers, with an emphasis on beauty, self-care and healthy living.
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Whether you want to earn your degree before licensure or take the next step in your career, the education you need may be more affordable than you think. Find the right nursing program for you. Since the creation of the first registered nurse (NP) training program in 1965, men and women in the profession have experienced great success and heated opposition. Physician organizations have openly opposed the use of nurses as primary care providers, arguing that gaps in education make nurses unsafe and unqualified to care for patients independently.
Although the decades-long debate continues, research has proven time and time again that nurses do
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