Do I need a business plan?

By on Mar 14, 2013 in Business Plans, Nurse Entrepreneurs

Pat BemisI’m asked frequently if a nurse really needs to write a business plan.

The simple answer is no, you do not need to write a business plan unless you are applying for funding.

A common myth

A common myth is that a formal business plan is the first step to starting a business and that is incorrect. A business plan is not a plan for starting the business. A business plan is a formal document originally designed to obtain money from banks or other lenders.  Unfortunately, it is touted as a necessary part of starting a business. It is NOT.  Most nurse businesses do not qualify for funding.

Business plan for nurses

However, writing a business plan will help you understand the components and operational parts of a business. The formal business plan is not a necessary document unless you are applying for funding.

I recommend that you put your ideas down on paper is some form. By using a business plan format, you will learn the business language and it will give you a logical and organized way to look at your business.

Help from the NNBA

So the final answer to the question regarding needing a business plan is that it is helpful but not necessary. The National Nurses in Business Association (NNBA) has a business plan template designed for nurses that is available free to members. The template includes descriptions and examples. A representative from the association is also available to help and answer questions.