HOw To Start YOur Own Business

Cqc_Cqb · Jun 28, 2003

Nightngale

What type of independent business do you have now? I am just curious because you have the quote from Ms Gasparis at the bottom of your messages, so I am just curious if you are a Legal Nurse Counsultant.

Walter

renerian, BSN, RN · Jun 29, 2003

Hubby and I owned and operated a home health/hospice consulting company for interim management. I worked in eight states, gone ALOT. One time I was gone for four months. Great money but way to much away from home time. We closed after 6 years.

renerian

nightingale, RN · Jul 2, 2003

Cqc:

Just got back from a travel position. I do, very short term, block bookings via established agencies with facilities. They have the contracts, the agency pays my Corp. my corp pays me via payroll, expenses come out first etc.

I worked a step down unit this weekend; I usually do med/surg but will work tele. etc.

Lavslady · Aug 29, 2003

Originally posted by Cqc_Cqb
I was wondering how hard (if at all) it is to keep up with all the taxes and paper work and other miscellaneous aspects of being an independent contractor. .. . I mean I dont want to make alot of money then end up owing out more in taxes at the end of the year.
When I first started my business, this was my big worry...how did I figure out how much taxes to take out? I went to an accountant, and he told me that all new businesses have to pay estimated quarterly taxes...so how can you "estimate" what your taxes are going to be? He assured me that if I pay 100% of what I paid last year, I wouldn't be in any trouble come April 15th. So, he said, you take the total amount you paid in taxes last year, divide it by 4 and pay that amount every 3 months, you are paying "estimated quarterly taxes". These taxes are due the same time every year, no matter when you start your business: June 15, Sept. 15, Jan. 15, and April 15. (April 15th being when you declare your business expenses/deductions on your regular Income Tax.)
He then figured mine out for me, and printed me out vouchers and told me to pay that amount each time they are due, and come back to him in time for him to do my 2004 Income Taxes.
Hope this helps...
-Lavslady-

Cmyst · Aug 29, 2003

I own my own business, which hasn't made a dime so far but then I haven't been actively promoting it, either. It's not that I'm not good at marketing; it's that I dislike it. I have considered hiring an agent to market me, and I may end up doing that. (I belong to NAIN, and there are at least two nurses in that organization that are nurse-agents. I would never seek the services of a non-nurse; they wouldn't understand my needs.)

Someone mentioned agencies that will sub-contract with ICs. Can you please give me some names? I live in Northern California, and I know that we are screaming for nurses here and RNs will be even more in demand after the ratio law goes into effect in January. Right now, I am working per diem to maintain the highest control over my schedule and my life. I would really like to be able to do it IC, and I suspect that if I finally break down and buy a suit (I'm a jeans and T-shirt kind of woman) and start making cold calls I'll get contracts eventually....... But if someone can give me some agencies that will sub-contract me, that would be wonderful!

Lavslady · Aug 30, 2003

Hi Cmyst,

I too, am a member of NAIN. They were very helpful in getting me started in my own business, but I became disillusioned with them when X started deleting my threads because I didn't agree with him charging so much to have our names in a National Directory. I couldn't see any advertising benefit to advertising Nationally, when I only work locally.

He takes a percentage of your pay. He has found many ways to make money off IC Nurses, without having to "work" himself. Needless to say, I will not be renewing my membership in NAIN.

I work per diem through my own business, PRN Nursing Care. I send out packets with my information to local LTC facilities, because that is my area of expertise. I don't have a "suit" to wear to interviews, but just wear "good" clothes. I haven't yet had to make any "cold calls"... My information packet contains info about my IC business, my experience, my recent education, and my billing rates. Facilities call me asking for interview.

I worked as Agency Nurse my entire career (35 + years), so I know I charge less than agencies do, yet more than I ever made as salary (and WAY more than facilities pay their staff nurses!) So far, I haven't had any trouble working as much as I want to. Hopefully, all will be okay come April 15th!!!

If you want a copy of my "Introduction packet", just email me, and I'll be glad to show you what works for me.

Cmyst · Aug 31, 2003

Thanks, Lavslady

I understand how you feel about NAIN, and I have been a bit dismayed myself at what seems like very arbitrary decisions about the implied motives of certain threads and posters, when objectively I could find no impropriety in them. Because my ex has his own business, and I have intimate knowledge of what he spends on promoting it, I didn't feel that the cost of the Directory was bad at all, so I did put myself into it. And the percentages that agents charge don't seem out of line, if they are able to find contracts and advocate for their client's best interests. But, yeah, I share some of your concerns, especially since a free market-type system in which all are equally allowed to promote their ideas on marketing ICs to facilities is not really evident in the forums. There have been times I was truly puzzled at the vehement reactions to seemingly valid ideas, that were branded as attempts to run "agencies". I know a scam when I see one, and while it's true that I've seen a couple of scammers post on the NAIN forums, I don't think that all posters with alternative marketing plans are trying to scam us. I, for one, am more anxious to have a chance to judge for myself and wish they'd not started censoring the forums.

The Y factor · Sep 11, 2003

so anyone doing the independent contractor route is it worth it? any headaches factoring in personal health insurance etc. im really interested.

Cmyst · Sep 12, 2003

I can't really speak with any authority on this from the IC route, although I've established my own business, because I haven't gotten any contracts yet. I've pursued one that didn't pan out, and intend to follow up on some leads in the next week or so.

However, speaking from the perspective of an ex-floor RN that switched to Float Pool/Per Diem and is making 25% more than I could as a regular floor RN -- yeah, the hassle and expense of getting your own insurance is worth it.

What you have to take into consideration are the benefits that your employer provides, which may not be as phenomenal as you think they are. Mine actually *is* pretty good, but the ones that I use (health insurance, dental insurance, disability) are the only ones that concern me -- I can eventually contribute to a retirement investment plan (I didn't use my employers, either, I have to pay higher interest bills first) and I have no interest in employer-paid education at this point. As an IC, you can deduct *totally* (as opposed to percentages) the cost of your health insurance and disability, and your CEUs -- including any travel that you may have to do to obtain them.

You have to be prepared to purchase the health insurance coverage that you actually use, in order to get the best deal. Do you really need a plan that will pay for unlimited MD visits, with no deductable, and unlimited Rx meds with $5 copay? If you don't, you can easily save $200 month with a plan that will probably cover what you actually use and will cover hospitalization that you might need.

It isn't hard to do, either. You call an insurance agent that advertises that they handle health plans, or you can contact Blue Cross, Kaiser, Healthnet, etc -- probably by doing a web search right now you can get an idea of what it costs.

barb4575 · Sep 12, 2003

I am in the beginning stages of starting my own business. I do have a website and have sent numerous pamphlets out in the mail. My problem is that I moved here four years ago and have mainly worked in hospitals and education. Where I lived before, I was a known troubleshooter for LTC facilities but my name is not known here. I have worked as a RN supervisor and CNA instructor in this area as well but just PRN and part time.

In checking out how to get my website into search engines, it is costly. I was wondering if anyone had any suggestions? I am now a professor and plan to offer some inservices to the community to get my name out....

Thank you in advance,

Barbara

TouchRN · Sep 18, 2003

To: CMyst

Very well done. You are an inspiration and I wish you much success. Just hang in there and you will have more contracts than you know what to do. You just need to educate prospective clients about your services and get your name out there.

It can take a while until things start taking on a life of their own, so don't get discouraged. It usually takes a good two years when starting out to get busy.

Looks like you are doing all of the right stuff.

Good job:D

Cmyst · Sep 19, 2003

Wow, thanks TouchRN!

I have to give my significant other (at my age, "boyfriend" sounds so hilarious) the credit with help with business. Well, at least 70% of the credit. Thanks for the encouragement!