Basic Steps for Starting a Small Business

By on Aug 8, 2013 in Business Plans, Nurse Entrepreneurs, RN Self-Employment

Pat BemisStarting an RN owned business is like starting any small business in America. There is the service side (the products or service you provide) and the business side. Most likely you are very knowledgeable and skilled at ┬áproviding the service. However, you’re probably not skilled or knowledgeable on the business side. I recommend that you write a business plan to learn about the business side. The National Nurses in Business Association offers members a free business plan template customized for nurses and unlimited help to complete the plan.

According to the Small Business Administration (SBA) the following are the four basic steps for starting a small business (source: http://www.sba.gov 11/10/2005):

  1. List your reasons for wanting to go into business. Some of the most common reasons for starting a business are:
    1. self-management;
    2. financial independence;
    3. creative freedom;
    4. full use of personal skills and knowledge.
  2. Next determine what business is right for you. Ask yourself these questions:
    1. What do I like to do with my time?
    2. What technical skills have I learned or developed?
    3. What do others say I am good at?
    4. Will I have the support of my family?
    5. How much time do I have to run a successful business?
    6. Do I have any hobbies or interests that are marketable?
  3. Identify your business niche. Research and answer these questions:
    1. What business interests me?
    2. What services or products will I sell?
    3. Is my idea practical and will it fill a need?
    4. What is my competition?
    5. What is my business’s advantage over existing firms?
    6. Can I deliver a better quality service?
    7. Can I create a demand for my business?
  4. The final step before developing your plan is the pre-business checklist. You should answer these questions:
    1. What skills and experience do I bring to the business?
    2. What legal structure will I use?
    3. How will my company’s business records be maintained?
    4. What insurance coverage will be needed?
    5. What equipment or supplies will I need?
    6. How will I compensate myself?
    7. What are my resources?
    8. What financing will I need?
    9. Where will my business be located?
    10. What will I name my business?

Your answers will help you create a focused, well-researched business plan that will serve as a blueprint for business operations, management, and capitalization. The NNBA offers full service assistance on writing a business plans, including templates and training sessions.