There is a common misconception that nurses are destined to work under someone but that’s not true and this article aims to prove it. There are a lot of business ideas to explore as a modern nursing practitioner. We’ll thoroughly convince you of the possibilities of entrepreneurship in the nursing profession while walking you through the multiple business opportunities out there for you. Let’s begin.
What We Covered In This Article
Can Nursing Practitioners Own Businesses?
Despite popular opinion, nurses can be entrepreneurs. Nursing schools train nurses to be employees and consequently, many nurses think their careers start and end with working for someone. However, nurses are professionals equipped with many skills that make them suitable for running a business. Some of these skills include:
- Problem identification and solving skills
- Communication skills
- Time management skills
- Financial management skills
- Teamwork
These are only a few of the entrepreneurial skills nurses possess. To further prove that nurses can be successful entrepreneurs, we provide examples of successful nurse entrepreneurs. Keep reading to find out.
Nursing Practitioners Who Own Successful Business
1. Alice Benjamin
Alice Benjamin is a certified family nursing practitioner who offers valuable health information and advice on her blog Ask Nurse Alice. The blog she single-handedly founded did not only educate people on various health-related issues, but it also went on to win the American Writer’s Association’s Silver Award for Best Blog and the Health Bloggers Association’s Best Overall Health Blog. Her blog has also been featured on major media outlets like CBS, FOX, and ABC.
2. Rachel Brown
Rachel Brown is a Canadian nurse who founded the healthcare company, Nurse Next Door. Nurse Next Door is a senior-centred home healthcare service that provides passionate professionals to care for elders in the comfort of their homes. Rachel Brown’s business is one of the largest healthcare businesses in North America with a customer satisfaction rate of 98%. It is also an award-winning business with the Franchise of the Year Award and the Profit 100 award to its name.
3. Donna Cardillo
Known as The Inspiration Nurse, Donna Cardillo was an important figure in the nursing and healthcare business. She was an author and a motivational speaker. Her books and thought pieces have inspired nurses around the globe, earning her the title ” The Inspiration Nurse”. Because of her involvement in many entrepreneurial activities like authorship, product development, and consultancy, she was referred to as a businesswoman. Before her passing on the 12th of August, 2023, she had made a significant impact in the nursing and healthcare industry.
4. Lilian Wald
We can’t discuss successful nurse entrepreneurs without mentioning Lilian Wald. Co-founder of the Henry Street Settlement and founder of the Visiting Nurse Service, both in New York, Lilian Wald lived her life as a phenomenal businesswoman. Her business improved the lives of many children in the Lower East while providing affordable education for low-income individuals. The success of her business led to an increase in New York’s population as many people began building houses there. During her lifetime, she earned several significant awards and recognitions some of which include a place in the National Women’s Hall of Fame, and the Presidential Medal of Freedom. Although she died in 1940, her legacy remains through her businesses.
5. Susan Scherer
Susan Scherer is a leading oncologist and founder of RN Cancer Guides, a nursing navigation service that guides cancer patients through their treatment journey. This company provides the guidance and emotional support needed by cancer patients while providing job opportunities for professional oncology nurses.
These nurses have proved that nurses are not limited to working under a doctor. Nurses have the potential to be leading entrepreneurs in several health-related fields. With the right mindset and sufficient business information, nurses can be successful business owners. We have provided evidence to convince you that you can accomplish just about anything. Now, we’ll show you some businesses to venture into as a nursing practitioner to start you off on your entrepreneurship journey.
Most Profitable Business Ideas for Nursing Practitioners
1. Telehealth Consultation
Offering telehealth consultation services involves giving medical advice or guidance to patients via phone calls, video calls, or any other form of mobile communication. The COVID-19 pandemic is known to have caused a spike in the demand for telehealth consultants, causing it to increase ever since. Starting a telehealth consultancy can be highly profitable as it is known to have a profit margin of 10%. The cost of starting a telehealth consultation business can be as low as $100 and as high as $100,000, depending on the size of your business.
2. Mobile Health Clinic
Mobile health clinics are vehicles equipped with enough medical equipment to treat people. The demand for mobile health clinics is increasing because of its affordability and convenience. A mobile clinic makes it possible for healthcare facilities to get to underdeveloped parts of the world or your country. For this reason, starting a mobile clinic is both profitable and charitable. The cost estimate of starting a mobile health clinic business ranges from $100,000 – $250,000 with an annual profit of about $500,000.
3. Health Blogging Business
Over time, people have become more conscious of their health. Consequently, more people seek advice on what to do and what not to do. For this reason, health blogs have become popular and as such, it can be very profitable to start a health blog. In addition to being in demand, health blogs have a relatively low start-up cost ranging from $100 – $250. You can even start a health blog for free. The annual profit estimate for health blogs is calculated to be between $40,000 – $50,000. You can earn some extra money by offering subscription options where users directly receive medical advice for a fee.
4. Home Healthcare Business
Home healthcare, as the name implies, involves offering a variety of medical services to people in their homes. Its demand is a rapidly increasing one because of its convenience and personalized touch. Starting a home healthcare business costs between $1,000 – $5,000. However, the cost of starting a home healthcare agency ranges from $50,000 – $90,000. The annual income ranges between $35,000 – $60,000.
5. Personal Safety Product Sales
Personal safety products like blood pressure monitors, EpiPens, first aid kits, and pulse oximeters, have seen a significant increase in demand owing to the increased health consciousness. You can make a substantial profit from selling these products. The cost estimate of starting a personal safety products business is $50,000 with a profit margin of 10% – 15%.
6. Online Tutoring
You can also make a profit from offering training programmes and selling online nursing courses for sale. Because of its flexible schedule, online courses have a higher demand than physical classes, making it easier to earn money. Starting an online tutoring business costs between $1,000 – $10,000 with a 35% – 40% profit margin.
7. Medical Supply Store
Opening a strategically positioned medical supply store can bring in a lot of profit. One of the best places to sell medical supplies is in a pharmacy or close to a hospital. An average medical supply store makes about $175,000 annually with a start-up cost of about $100,000.
8. Medical Equipment Rental Store
You can decide to take on a different approach to ensuring the availability of medical supplies by opening a rental store. Renting out equipment to health institutes can be just as profitable as opening a medical supply store. The average medical equipment rental store makes about $100,000 annually with a start-up cost of about $150,000.
9. Telemedicine Software Development
Telemedicine software makes it possible for doctors to interact with and treat their patients remotely. As more people are beginning to embrace the use of technology, the demand for telemedicine software is increasing and so is the demand for its developers. If you aren’t already skilled in software development, you can either learn the skill or you can partner with an software developer. The cost estimate of telemedicine software development ranges from $50,000 – $150,000 with a 30% profit margin.
Profitable Business Ideas for Mental Health Nurses
Psychiatric nursing practitioners have the highest demand due to the significant increase in mental health awareness over the years. Here are some profitable businesses to venture into as a mental health nursing practitioner:
1. Private Counselling Services
Offering counselling services or therapy sessions to people in their homes is a lucrative business. Many people seek mental health improvement and you can choose to offer individual and group counselling services. The cost of starting a private counselling business ranges from $1,500 – $3,500 and the average annual salary of about $75,000.
2. Therapy Business
Therapy is a highly effective way of improving mental health hence, therapists are in high demand. Opening a therapy centre and scheduling private therapy sessions with clients has proven to be a sound business investment. The cost estimate of opening a therapy centre is $35,000 with a 15% – 30% profit margin.
3. Mental Health App Development
Developing apps that help with mental health improvement is a highly profitable business idea and you don’t even need to be an app developer too. You can partner with an app developer and create the perfect mental health app with your combined knowledge. The start-up cost estimate of a mental health app development business ranges from $30,000 – $100,000. The annual salary of a mental health app developer is about $90,000.
4. Mental Health Product Sales
There is an increase in the demand for mental health products like meditation cushions, essential oils, weighted blankets, and light therapy devices. For this reason, selling mental health products is a productive business to start. Depending on the size and location, setting up a mental health product store can cost between $20,000 -$80,000. The average annual income of a mental health product store is $150,000.
5. Online Support Group
You can make money by starting an online support group. An online support group is a community where people with similar challenges or experiences share ideas. To turn it into a business, you can either charge a membership fee, display ads or sell products on the platform. The choice is yours to make. Starting an online support group typically requires low capital ($100 – $1,000). The profit margin of an online support group ranges from 15% – 30%.
6. Employee Assistance Business
Starting a company that provides mental health training and fosters employee relations is another profitable nursing practitioner business idea. The mental health of employees is important for a business’s growth and every smart businessperson knows this. For this reason, business owners tend to sign up their staff members for employee assistance programmes, causing an increase in their demand. The start-up cost estimate ranges from $10,000 -$50,000. The average annual income of employee assistance programmes is about $200,000.
7. Telepsychiatry Business
Telepsychiatry involves providing remotely providing psychiatric services through telecommunication channels. Due to its affordability and comfort, the telepsychiatry business has seen an increase in its demand. Because of this, it is one of the most profitable businesses to start as a mental health nursing practitioner. The cost estimate of starting a telepsychiatry business is between $20,000 – $70,000 with a 20% – 30% profit margin.
8. Psychiatric Medication Business
The psychiatric medication business is a rapidly growing industry and it is projected to be worth $50.6 billion in 2028. The business involves prescribing drugs to patients with mental health disorders. Although the start-up cost is high (about $100,000,000 on average), the average annual income makes it worth the investment (about $500,000,000).
9. Mental Health Education
Although there is an increased mental health awareness, many people remain either uninformed or grossly misinformed thus, making mental health educators a necessity. For this reason, the mental health education business is lucrative. The cost of starting a mental health education business ranges from $10,000 to $50,000 with a 30% profit margin.
Side Business Ideas for Nursing Practitioners
We are fully aware that to begin a business capital is needed and to get that capital, you might need to remain an employee for a while. This is why we have carefully curated a list of low-capital businesses to start while retaining your job. Shall we?
1. Freelance Nursing
When you get off from work, you can offer nursing services like consultation, patient care, and every other service rendered by a nurse, to clients in their preferred location. You can also choose to accept nursing jobs outside of your country or city during your off days. The cost of starting a freelance nursing business is between $5,000 – $10,000 and the average annual income is about $150,000.
2. Flu Shot Clinic
You can set up a temporary clinic when flu is rampant during flu season and give flu shots. Your clinic doesn’t need to be fully equipped and you may not need to get a space. What matters is that your place of operation is sanitary and that you have all the legal permission to give flu shots. The start-up cost ranges from $15,000 – $30,000 with an average annual income of about $90,000.
3. Online Store
Setting up a store online where you sell healthcare products is an excellent side business because your earning is not limited to off-work hours. You can either have your products delivered by a logistics company or you can deliver themselves. Either way, it is still possible to make sales during work hours. The cost of setting up an online healthcare store ranges from $3,000 – $15,000 with an average annual income of $250,000.
4. Medical Equipment Repair
If you possess technical skills along with your nursing skills then you should try this business idea. You can save some money by purchasing used tools too. Put your technical skills to good use by repairing faulty medical equipment. The cost of starting a medical equipment repair business ranges from $10,000 – $25,000 with an average annual income of $300,000.
5. Senior Care Services
Due to the increasing number of older people. senior care services are in high demand. Because of this, it is a sound business investment. You can choose to take care of them in their homes or you can own a senior centre The cost estimate of starting a senior care business is between $10,000 – $80,000.
6. Healthcare Education
You can host healthcare workshops at different health-related events. Workshops are interactive sessions where knowledge is shared. You can make money from hosting workshop sessions by charging an admission or promoting your products. Hosting healthcare workshop sessions is also a great way to earn a good reputation for future business endeavours. Starting a healthcare workshop business costs between $3,000 – $15,000 and you can earn an annual income of about $60,000.
7. Nutrition Consulting
As a nurse, you can make money from providing basic nutritional recommendations to clients. More people have become conscious of what they eat and as such, they seek professional advice. On average, starting a nutritional consultancy costs $6,000. The average annual income of a nutrition consultant is $65,000.
8. Healthcare Product Review
You can start a blog or a channel that gives feedback on healthcare products. Many people have made a substantial amount of money from this business. Giving honest reviews also provides an avenue to show off your expertise and build customer trust. It costs between $1,000 – $5,000 to start a healthcare review business and you can earn as much as $50,000 annually.
9. Footcare Business
Starting a footcare business can be very profitable because footcare services are in high demand. You can make a profit from offering footcare services like footwear advice, foot treatment, wound care, etc. Starting a footcare business costs between $1,000 – $4,000 with an average annual income of $65,000.
How To Start a Private Nursing Business
Now that you understand that there are limitless possibilities for you as a nursing practitioner, we’ll guide you through the process of creating your empire. Here’s how to start a private nursing business:
1. Assess your skills and qualifications
Before venturing into a business, you need to evaluate yourself first. This is important because it helps you understand the right business for you. Excellence is an important part of business success and to deliver excellent healthcare services, you need to know your stuff. Self-evaluation is the first and most important step in your journey as a nurse entrepreneur.
2. Conduct market research
After identifying your strengths, the next step is to understand your target market’s preferences. Conducting market research before going into business will help you understand the right strategies Here’s an overview of the information you need to gather when conducting market research:
- Target market.
- Target market’s needs.
- Market trends.
- Competition.
- Most effective promotional strategies.
3. Draft a business plan
A well-constructed business plan is imperative to starting a successful business. A business plan helps you understand what needs to be done and prepares you for the task ahead. It is also an important tool for risk management. Here are some business plan templates you might find useful.
4. Register your business
To prevent future complications, you need to obtain legal permission to start your business. Licenses and permits needed are dependent on the type of business you want to start. However, there are general licenses every nurse entrepreneur needs and we have provided a list of them below
- Nursing license
- Business license
- Specialty certification
- Local business permits
- Prescribing license
- Controlled substance license
5. Choose a location
Once you have fulfilled all legal obligations, you can begin to bring your ideas to fruition. The first step towards doing this is to select the best location for your business. The location of your business is an important determinant of the success rate of your business and as such, there are various factors you need to consider when choosing a business location. Here are a few of them:
- Competition
- Availability of basic amenities (power and water supply)
- Accessibility
- Demand
- Target market demographics (population and purchasing power)
6. Create your brand
After selecting a location for your business, you need to make a brand for yourself. Come up with a creative name for your business along with a catchy business slogan and logo. A catchy logo gets the attention of potential customers and a brand name gives your business an identity.
7. Implement promotional strategies
Once you have created your brand, you need to create brand awareness by implementing effective promotional strategies. One of the most effective promotional strategies is digital marketing. Digital marketing makes it possible to reach millions of people around the globe. Listed below are some of the most effective digital marketing strategies:
Conclusion
Nurses have so much entrepreneurial potential but sadly, only a few nurses realize that they can be so much more than an employee. Thankfully, you are no longer one of such nurses because you now have all the right information. With this all-inclusive guide to starting a nursing business, the sky is your limit as a nurse.