Nursing 2011 Magazine Helping Your Nursing Career
Anyone for Making Money –Real Money?
Caution! NURSING 2011 MAGAZINE, Your Source for Local & National Nursing News, today is seeking the few, the very few of you, to consider going on entrepreneurial ventures, the results of which can range from hazardous to extremely lucrative. And why not? Doctors do it all the time, grouping themselves to share overheads and offer patients a variety of expertise under the same roof.
Perhaps now is the time for an RN to do some trail blazing of their own. But first, many creative entrepreneurial ideas are to be found on the pages of NURSING 2011 MAGAZINE, so be sure to subscribe at:
RN Healthcare Staffing Agency
Consider starting, for example, an RN Healthcare Staffing Agency. This could specialize in permanent staffing, short term contract staffing, per diem staffing, or any combination that makes sense to you. The exact objectives that you design for your venture are critical to its success, so it is recommended that you undertake thorough research and conduct extensive consultations within your community to calibrate your own corporate mission (check out agencies like http://www.allstarstaffing.com/index.php).
A Name & Referral Sources
Choose a name for your proposed venture early on. This will give you added motivation and will validate your prospects for those around you who would be tasked to help you out. Then always refer to your start-up by its chosen name, thus giving it credibility and a life of its own.
Having identified the exact nature of the services you want to offer your prospective customers (hospitals, rehabs, ALFs, NHs, doctors’ offices), you now need to give your full attention to your product: other RNs. How are you going to recruit them, what remuneration package to offer, what motivation for them to enlist with your agency, will they be 1099 independent contractors, or W-2 employees?
Since this is the other critical exercise, you ought again conduct as wide-ranging a market research effort as possible, by amassing information on what other agencies pay their RNs, how they recruit and place them, and how they develop loyalty.
Your Business Plan
It is time to cost your venture, by estimating your cost of operation for years one through five, projecting sales for the same period, working out your cost of sales (what you pay your nursing staff), and thus arriving at your gross operating margin. Take out overheads (rent, nursing staff and the like) from that and you have your projected net earnings.
At that point you transfer your thoughts to a business plan and determine the amount of start-up money you would need. If that amount –let us say $150,000- is greater than what you wish to invest, you may want to seek out one or more investors.
Many entrepreneurs work better when they have a partner. If the partner is a well known doctor who will give your agency a great image and who will invest the entire $150,000, you may negotiate a 30 or 40% stake, plus a salary, for yourself. If, conversely, you are putting up some of the seed money yourself, then the percentages will be greater in your favor. Alternatively, if money is not an issue, then you may split up the roles to include yourself, for instance, as the main back office person, and another RN to go out and sell.
If we have hooked you with the entrepreneurial bait, ask NURSING 2011 MAGAZINE for more information. Good luck!
About the Author