Nursing Entrepreneurship

Nurses should start thinking of being entrepreneurs. Nurses can go beyond being mere employees of hospitals, clinics and health units. They can organize themselves into associations and cooperatives to set up home healthcare services, birthing places, or health facilities for older people among various other similar possibilities. -DoLE Undersecretary Carmelita Pineda

 In humans perception, nurses are designed only for caring and assisting sick people. Due to their medical learning background, people cannot avoid to refer their job mainly in medical services. Nursing is no longer just about offering services to patients, and working in hospitals and homes. Today, experienced nurses can become entrepreneurs, and be their own boss. While becoming a nurse entrepreneur can be exciting, the job also has challenges and difficulties, something that is part of all businesses. Having your own business can be very rewarding, as health and social care are changing all the time, long as you approach it in a business-like way.

Nurse Entrepreneurs
Nurse Entrepreneurs combine their nursing background with business and utilize their individual creativity and resourcefulness to start their own companies. The Nurse Entrepreneur may provide patient care, equipment, consulting services, and education as it relates to nursing while assuming inherent risks of business accountability. These men and women apply their skills and training toward establishing, promoting, or consulting in business ventures in the health care industry. They can build on their nursing knowledge to develop medical devices or computerized systems for delivering healthcare, freeing staff nurses to spend more time caring for patients.

The ICN guidelines on the nurse entrepreneur providing nursing service: Three to five years nursing experience Continuing education relevant to your area of practice Competence in communication, negotiation, marketing, time management, public relations, time management and accounting skills Knowledge of legal, insurance, grants and tax matters

Here are some ways to becoming a successful nurse entrepreneur: 1) Hands on Approach You need to know and understand the needs of your patients. Apart from that, you need to combine various approaches to provide the best healthcare possible, from educational to management and training. The American Association of Diabetes Educators, for example, provides training and advice to potential nurse entrepreneurs, and helps them start a nursing business.

2) Getting Started
Make plans before you start with your business. How will you source funds for your business? How much time can you devote to it? What kind of property and equipment do you need to invest in? How about stationery with logo on it, and business cards? Every little detail needs to be taken care of before you can become a nurse entrepreneur.

3) Think Positive
Nothing works like a positive attitude. You need to be a good leader and motivate people in order to make a success of your nursing business. 4) Don't Put All Eggs in One Basket Since you are a newcomer to nurse entrepreneurship, you do not know how successful your business might be. If it does not work out, you should have a fall back option. Think about nursing consultancy services, speaker, education etc.

Advantages of Becoming a Nurse Entrepreneur:

1) Opportunities The nursing profession has a problem of shortage, so anyone with experience in nursing is welcome at hospitals and healthcare sector. 2) Flexibility Being your own boss means that you can choose you working hours to some extent. Apart from hospitals, you can also be associated with old age homes, maternity homes and similar sectors.

Setting up your own business is a decision that needs careful consideration. To go it alone you must:

be passionate about developing an area of interest be willing to take risks be willing to make a commitment be enthusiastic believe in yourself and your dream have a strong self-image and plenty of selfconfidence have the drive to achieve and succeed have a strong customer orientation.

Make sure you consider the risks involved in becoming self-employed. These include:
spells without work irregular and unpredictable income having no one else to take the responsibility for mistakes no employer contributions towards sickness, annual leave and pensions.

The main types of business ownership:

Sole traderships or sole proprietorship were generally only one person funds the business activity is a for-profit business owned by one person. Partnerships, where two or more people band together to finance or run a venture Corporations/limited companies where it is possible for many thousands to subscribe for a share in business ownership and, in theory at least, a say in its governance and direction. Corporations can be eithergovernment-owned or privately-owned, and privately-owned corporations can organize either for-profit or not-for-profit. Co-operatives. This is the least common form. A cooperative differs from a for-profit corporation in that it has members, as opposed to shareholders, who share decision-making authority.

Advantages of Sole traderships:

There are relatively simple formalities involved in setting up There is no obligation to submit copies of accounts for public scrutiny There are no limitations on capital, assets and the scope of business as there are with a limited company There is no requirement to share business decisions as sole control is retained.

Disadvantages:

The individual is personally liable for all business debt The responsibility of being solely charged with all business decisions can be onerous The available business expertise is limited to that of the individual The absence of public accounts can make it difficult to demonstrate the true financial position and may deter larger potential customers.

Partnership:
all partners contribute capital equally all partners share profits and losses equally no partner shall have interest paid on his or her capital all partners have an equal say in the management of the business

Advantages There are relatively simple formalities involved in setting up, although it is important to get a legal partnership deed drawn up Its less lonely than starting up by yourself There is no obligation to submit copies of accounts for public scrutiny You can start your business with more capital than if you were on your own There are no limitations on capital, assets and the scope of business as there are with a limited company.

Disadvantages Each partner is liable for the debts of the partnership, regardless of who actually incurred the debt There is a risk of personality clashes between partners The death or bankruptcy of any partner automatically dissolves a partnership, but liability remains against the other individuals, unless there is an agreement to the contrary The absence of public accounts can make it difficult to demonstrate the true financial position and may deter larger potential customers.

Corporations/ Limited liability companies: The directors are charged with the responsibility of making the business decisions and the shareholders are the owners of the company. A minimum of one shareholder and one director is required to form a company. Companies pay corporation tax on their taxable profits.

Advantages Financial liability of directors and shareholders is limited to the amount of money they have paid for shares, providing there has been no fraud or negligence The management structure makes it easy to appoint, retire or remove directors Extra capital can be raised by selling more shares privately, making it simple to admit more members The death, bankruptcy or withdrawal of capital by one member does not affect the companys ability to trade The disposal of the whole or part of the business is easily arranged The company may have higher status with potential customers.

Disadvantages The company has to be registered with Companies House and must provide audited annual returns and accounts, which involves extra administration work. There are legal penalties for failing to make returns Limited Company statutory details must be available for public inspection at its appointed Registered Office, which negates some business confidentiality LLCs can be more expensive to set up, and you may need professional help

A cooperative is owned and controlled by the people working in it. Advantages They are a good way of setting up with a large group of people Co-operatives are democratic Liability is more limited than with a partnership
Disadvantages Setting up may require professional help The seven-member minimum may be difficult to sustain.

IMPORTANT: Remember that it is important to register your business to avoid any legal problems once business operations start. Furthermore, its common practice for competitors to check on you if you have all the necessary registrations completed because if not, this will be an opportunity for them to disrupt and delay your operations by notifying the proper authorities.

Depending on the structure of your business, your first step is to get a certificate of registration for your business name in one of these agencies: Department of Trade and Industry (DTI) for single proprietorship Securities and Exchange Commission (SEC) for partnerships or corporations Cooperative Development Authority (CDA) for cooperatives

After getting your certificate of registration, you will need to visit the following offices: Homeowners Association for businesses inside villages and subdivisions, you need to get a homeowners clearance Barangay Hall secure a barangay clearance to operate your business Local Government Unit (LGU) visit the municipality or city hall office and process your business permit Bureau of Internal Revenue (BIR) apply for a business taxpayer identification number (TIN), register your books of accounts, point-of-sales (POS) machines and receipts

At this point, you may now legally start your business operations, but youll need to then register your employees (which may include yourself) to the following agencies: Social Security System (SSS) secure an SSS number for yourself and your employees Department of Labor and Employment (DOLE) for businesses with five workers or more, register your business with DOLE Home Development Mutual Fund (HDMF) as required by RA 7742, SSS members earning at least P4,000 a month must be registered with HDMF. This agency administers the Pag-Ibig Fund. Philippine Health Insurance Corp. (PhilHealth) all employers of are required to register their employees to this agency as stated in the New National Health Insurance Act (RA 7875 / RA 9241). PhilHealth manages and administers the government health care system.

Marketing
the total of activities involved in the transfer o f goods from the producer or seller to the consumer or buyer, including advertising , shipping, storing, and selling

 A formal approach to this customer-focused marketing is known as SIVA (Solution, Information, Value, Access). This system is basically the four Ps renamed and reworded to provide a customer focus. The SIVA Model provides a demand/customer-centric alternative to the well-known 4Ps supply side model (product, price, placement, promotion) of marketing management.