The era of nursing innovation has arrived, as more nurses seek to explore entrepreneurial and business opportunities outside the scope of traditional clinical practice. Establishing a strong foundation in nursing theory and practice and expanding your knowledge of business principles, you can develop the comprehensive skills required to pursue nurse practitioner business ideas and entrepreneurial endeavors.

Understanding Nursing Entrepreneurship

Blending clinical skills with business ideas, nurse entrepreneurs have the potential to carve out innovative opportunities for themselves in the healthcare landscape. As the needs of patients become more complex, and the demand for personalized care continues to rise, there are expected to be more nurse entrepreneur opportunities.

Defining Nurse Entrepreneurship

Nurse entrepreneurship is defined by Johnson & Johnson Nursing as the process of using nursing expertise as a foundation to build a healthcare-related business. Nurse entrepreneurs should have significant experience caring directly for patients before they can begin pursuing nursing entrepreneurship opportunities, and they also may need to develop a foundation in business theory and practice.

Why Nurses Are Well-Positioned to Lead

In the world of healthcare entrepreneurship, nurses are in a unique position to lead. As healthcare professionals, they often have the most experience caring for patients directly and, in turn, a well-rounded understanding of the needs and preferences of modern patients. In addition, nurses collaborate with healthcare providers across specialty areas, which enables them to establish a comprehensive foundation upon which they can build their new business idea.

Opportunities for Independent Practice

The digital revolution has ushered in the era of telehealth, allowing nurse practitioners to consider opportunities for independent practice. Through independent nursing practice, nurse practitioners can carve out their own path — customizing a career that aligns with their personal needs and their professional goals.

Some opportunities for independent nursing practice you might consider include:

1. Opening a Nurse-Led Clinic or Practice

Nurse practitioners are healthcare professionals who are able to evaluate, diagnose, and treat patients, giving them more autonomy than registered nurses (RNs). According to the American Association of Nurse Practitioners, there are 27 states in the country that allow independent nurse nursing practice, meaning nurse practitioners in those states can consider establishing their own private practice. At a time when many patients feel frustrated by the lack of personalized care and the difficulty of scheduling appointments, there is an increased demand for nurse practitioner private practice.

2. Launching Consulting or Coaching Services

Nurses who are ready to move beyond patient care and interested in an independent path can consider launching a nursing consulting business or becoming a nurse health coach. According to the National Nurses in Business Association, an independent nurse consultant is a registered nurse who partners with healthcare businesses in order to identify challenges and develop solutions. While most nurse consultants work remotely, they may have to travel to their clients' facilities to conduct evaluations, meet with staff members, and collect the data needed to drive results. Considered a flexible and autonomous position, this opportunity is ideal for nurses who want a greater sense of work-life balance in their careers.

3. Starting a Health-Focused Business or Startup

With a solid foundation in business and by expanding their clinical skills, nurses can consider launching a health-focused startup. From healthcare app development to healthcare product development, there exist numerous entrepreneurial endeavors for nurses to consider. It's important to pursue a business idea that aligns with your clinical interests, nursing expertise, and personal interests.

Benefits of Nurse Entrepreneurship

Pursuing an entrepreneurial nursing career can be empowering. As a result, self-employment in nursing is on the rise. If you are experiencing burnout, or you simply have a passion for blending business with healthcare, then you may want to consider nursing entrepreneurship.

Per the National Nurses in Business Association, below are some of the key benefits of self-employment in nursing:

Personal and Professional Empowerment

Whether you are establishing your own nurse practitioner private practice or in the process of creating your own healthcare app, you may find the journey to nurse entrepreneurship to be particularly rewarding. Nurses who pursue clinical roles are often at the mercy of their supervisors, the demands of their patients, and restrictions placed on them by healthcare administrators. In an entrepreneurial role, you have the ability to be your own boss. You can enjoy an unmatched sense of autonomy, which can be empowering on both a personal and professional level.

Meeting Unmet Community Needs

Throughout their careers, nurses work with a vast range of patients. Their daily work allows them to develop a distinct and personal understanding of the needs within a particular community — with some nurses becoming passionate about advocating for those who need improved access to healthcare or more powerful treatments. Nurse entrepreneurs often feel compelled to create health-related businesses that will address unmet needs in the community, enabling them to have a direct impact on the patients that they have long cared for.

Financial and Career Growth Potential

Through establishing a nurse-owned business, you have the flexibility and freedom to set your own fees. This can offer nurses a sense of financial freedom, helping improve their earning potential and grow their careers in a way that aligns with both their professional and personal goals. When launching a new healthcare business, financial planning for nurses is critical. You should work with a financial advisor to develop a plan for billing and reimbursement as well as to create a financial strategy that promotes long-term success.

Challenges and Considerations

In many ways, pursuing an entrepreneurial career in nursing is freeing. You can enjoy a sense of flexibility and autonomy that is difficult to come by in traditional clinical roles. However, it can also be a challenging path to pursue. With added risks involved in healthcare entrepreneurship, keep in mind the following as you take your next step:

Business and Legal Responsibilities

Establishing a nurse practitioner private practice or a healthcare startup requires you to adhere to a variety range of business regulatory guidelines and healthcare laws. It is best to partner with a lawyer in order to understand your business and legal responsibilities and to formulate a business framework that aligns with all existing laws and regulatory guidelines.

Balancing Clinical and Entrepreneurial Roles

Nursing is a career that requires a delicate sense of balance. In many cases, nurses who want to pursue entrepreneurial opportunities have to continue working in their clinical role as they create the business framework for their startup or private practice. Balancing both clinical and entrepreneurial roles can be difficult, so it's crucial to make an effort to avoid burnout.

According to the American Nurses Association (ANA), you can prevent nurse burnout by:

• Getting adequate rest.
• Enjoying a well-balanced diet.
• Engaging in regular exercise.
• Asking for help when you need it.

Risk and Uncertainty

With any entrepreneurial endeavor, you assume a certain amount of risk and uncertainty. As you begin to craft your business plan and pursue your next opportunity, perform a risk assessment and determine if you can move forward given those risks.

Getting Started: Tools and Resources

Fortunately, plenty of support is available for aspiring nurse entrepreneurs. Being aware of the best tools and leading resources can help you streamline the process of establishing your own health-related business or independent nursing practice.

Education and Training Opportunities

Advancing your education is vital to your success as a nurse entrepreneur. Nurses who want to pursue independent practice or business endeavors should consider a graduate degree program, such as an online Master of Science in Nursing (MSN) / Master of Business Administration (MBA) degree. This unique dual degree program not only promotes the development of advanced clinical skills and the application of nursing theory in real-world settings, but it also allows nurses to establish a strong foundation in business theory.

Support from Professional Organizations

Nurses forging their own path in the healthcare industry can find ongoing support through professional organizations. If you are interested in joining a nurse entrepreneur association, these are several professional organizations to consider:

• Offering support to nurses who are transitioning into business careers, the National Nurses in Business Association is the premier professional organization for nurse entrepreneurs.
• Providing independent nurse practitioners with valuable resources, the National Nurse Practitioner Entrepreneur Network allows you to connect with other like-minded nurse entrepreneurs.
• In addition, many nurses join the American Nurses Association to access specialized training opportunities and personalized professional support.

Building an Online Presence

Branding is an integral part of successfully launching a health-related business, requiring nurses to actively work to build an online presence. By creating a website and establishing a strong presence on social media, you can begin the process of curating your brand and attracting prospective clients and customers.

Develop the Skills Required for Independent Nursing Practice at Indiana Wesleyan University

Nursing is a calling that can extend beyond clinical spaces — with an increasing number of nurse practitioners and advanced practice registered nurses considering healthcare entrepreneurship opportunities. At Indiana Wesleyan University, the online MSN MBA dual degree is a graduate program that equips nurses with the advanced clinical skills and business acumen required to pursue independent nursing practice. Offering business leadership coursework as well as coursework that focuses on advanced nursing theory and practice, this innovative degree program uniquely prepares nurses for leadership positions in the modern health system.

Find your program and request more information about our Division of Pre-Licensure Nursing today.