|
According to the Small Business Administration, small businesses (those with fewer than 100 employees) represent 99.7 percent of all employers and produce more than 50 percent of nonfarm private GDP (gross domestic product)-or roughly $6 trillion. Only 3 percent of these businesses are franchises. Are there opportunities for nurses to join the mix?
It may seem that a tight economy is not the time to strike out on your own. However, many experts say just the opposite. In fact, two well-known companies that were started during tough times-and are still thriving-are Proctor & Gamble Co., which began selling household products in Cincinnati during the Panic of 1837 and FedEx Corp., which started its shipping business during the oil crisis of 1973.
It may well be that now is exactly the time for those nurses who have long dreamt about working for themselves or pursuing a hobby or avocation to make those dreams a reality.
Pursuing a Dream
Judy Julsrud, RN, did that about a year ago when she opened Passport Health in the Minneapolis area. The Passport Health franchise is the largest private provider of vaccines in the United States, providing vaccines for travel, back-to-school, immigration and naturalization, bio-defense, military readiness, clinical trials and wellness.
Julsrud became familiar with Passport Health while working for one of the franchises in Phoenix, where she still lives. "I quickly saw that it was a great opportunity," she said. But because only one franchise is allowed in a particular market, she and her husband began researching other opportunities. "We checked into the Minnesota area since we have a lot of ties there," she said. "We've been open since April 2008."
Unfortunately, for Julsrud, she was quickly hit by the poor economy, which obviously impacts travel plans for many. "The hardest part about starting a small business is you can't always see the obstacles ahead of you," she said. "We've hung in there and have actually grown the business and still see a lot of potential. We figure if we make it through a year of a terrible economy with a new, small business we're in good shape."
It's that kind of "can do" attitude that is the hallmark of most successful entrepreneurs, said LeaRae Keyes, RN. Becoming an entrepreneur is not for everyone, she noted, and those thinking about striking out on their own should do some serious evaluation of their personal needs, interests and preferences.
Do You Have An Entrepreneurial Personality?
Keyes is the executive director of the Nurse Entrepreneur Network (www.Nurse-Entrepreneur-Network.com). Entrepreneurialism is a natural for nurses, said Keyes, because much of their training can readily translate into sales skills. "I think the nursing process itself provides nurses with a great platform for sales because in the nursing process you identify the problem, you take in information, you determine how to solve the problem and then you pose your solution and evaluate. When I transitioned from nursing to sales I found that I could easily apply the nursing process to sales and became very successful at it," she said.
But despite some of the natural skills that nurses may bring to business ownership, Keyes warned that working for yourself is decidedly different than working for someone else in many ways that may not be immediately obvious.
"The issue of transitioning from employee to self-employed involves wearing many hats and having to do it all, all the time-things like sales and production and getting used to the idea of billable hours, bookkeeping, recordkeeping, planning, all of it," said Keyes.
Julsrud agreed, noting that she has been fortunate to have her husband involved in her business. "It's important to have someone else helping you talk through things and knowing that you're not totally on your own," she saids. "You've got to have good support people around you."
If you were previously part of a larger organization, your role was probably limited to a particular, very specific, area of expertise. As a business owner, your role is much, much larger. You need to be concerned about federal and state legal compliance issues, tax issues, employment issues, vendor relationships, etc., etc., etc. It can be tempting to focus on the part of the business you really "like"-customer service, marketing, etc. But for long-term success, you need to make sure you have all the bases covered.
How to tell if you're really cut out for self-employment? Keyes recommends an online questionnaire that can provide some general insights - http://midcareer.monster.com/tools/self_employment/.
Do You Have Something People Want?
Fast on the heels of having the personal skills to succeed as an entrepreneur is having a product or service that people want. "Too many nurses start in self-employment backgrounds," said Keyes. "They come up with a product and then they try to find their market, versus finding a starving market and then delivering what that market wants."
Nurses are fortunate to be in an industry that is always in high demand and even more so now as the baby boomers age and begin to experience various health concerns.
Jane Anderson, RN, for instance, operates a multi-million dollar development venture for Alzheimer's and dementia patients, a business driven by her own experience with an older brother which drove her to change the standard of senior care throughout the U.S. co-founder and owner of the Autumn Leaves brand of assisted living residences, Anderson is a nationally recognized memory care specialist. Contrast this with Julsrud's business which focuses on more leisure-related pursuits. And, of course, there are opportunities everywhere in between-from clinical services to consulting and, of course, non-health care related businesses as well.
But, as Keyes wisely points out, success will be dependent on a combination of what you like to do or are interested in that others are willing to pay for. Finding that "magic combination" is the challenge that every entrepreneur faces.
While many excited entrepreneurs simply launch into their new business, having a business plan is highly recommended. The business plan should outline the product or service you plan to offer, your desired market and its potential and your expectations for annual operations-on a one, three, five and even ten-year basis. Don't overestimate how much you can accomplish. Set reasonable goals, prioritize the activities necessary for you to meet those goals and work your plan, making adjustments based on your experiences and as new information becomes available.
Are You Prepared to Deal With the Barriers and Challenges of Self-Employment?
There are a lot of benefits to being self-employed. "Self-employment gives you flexible working hours and that can be great, but you have to be sufficiently motivated to make up those hours at some other part of the day if you want to continue to have a consistent income," advised Keyes. And the flexibility of becoming an entrepreneur is a key draw. In addition, those who are willing to take the risk of going into business for themselves are often hoping to be more financially successful than they were when working for someone else. And, of course, many nurses are driven to start a business in large degree because of a passion to make a difference by providing a service that improves the health and wellbeing of others.
But despite the many benefits, there are challenges as well.
"Psychologically there can be a sense of isolation that confronts people early on," said Keyes. "There's no one there to listen to them. They no longer have coworkers and there can be a lack of intellectual stimulation." She recommends filling the void through involvement in professional groups, reaching out to others for lunch, getting involved with business groups such as the Chamber of Commerce, etc. Social media sites also offer the opportunity to interact through various groups that provide contact with other like-minded individuals from around the country-or the world. Keyes' LinkedIn group, for instance has 238 members, representing nurses who are already or are interested in becoming self-employed. And there are literally hundreds of other groups to choose from depending on personal and professional interests.
Patience and the willingness to live with financial uncertainty-at least for a time-is another challenge, noted Julsrud. "You need to know that you're not going to make much money for a while-that's a fact," she says. "Make sure that you look at what you need financially to get started and plan for those first few years when the going is tough."
Staying productive and motivated can also be issues for those used to receiving direction from others. Julsrud has her husband and partner to help keep her motivated. For others, Keyes suggested having a "mentor or coach or just somebody to give you another perspective than your own."
"Having people who you can bounce ideas off of and that you can draw ideas from is important," agreed Julsrud.
But despite the challenges and the uncertainly, Julsrud said she is anxiously looking to the future and confident that her business will be a success. "I think anybody can do it if it's in their heart," she concluded. "It can be very rewarding."
|