Is it worth it to be independent?

ehresources · Jul 12, 2005

The first step is the Business Plan. Look up Interactive Business Planner on the web. This is a great site. It walks you through the process of doing a very thorough business plan. It saves it for a month or so (don't quote me on that!) so you can log on and make the necessary changes as you change your mind a million times :chuckle :chuckle

Formulate the plan of action and then work it through. Do your research. Do a SWOT analysis (Strengths, weaknesses, opportunities, threats) as you go through the business plan. It's remarkably like doing nursing care plan so it's a lot easier than it looks. Being independent is about knowing yourself, your community, your job and your clients. I'm independent and love it! Two years ago I expanded to hire staff and now I have 7 nurses working for me. We're always expanding. It's not without it's challenges but the rewards are worth it.

J

Each state has different requirements os there cannot be step 1, then step 2 for everyone. You also need to speak with your accountant and find out what is most advantageous for you. Again this will differ with each individual.
And the threads are there, I posted them myself at another time.

nightingale, RN · Jul 12, 2005

It may have been said elsewhere but this forum, Nurse Entrepreneurship, is a wealth of information for Nurses starting out on their own in the business world. The topic of The Business Plan has come up over and over because it is the most efficient way to start out with your business venture.

Here is a link that discusses, "Starting Out":

https://allnurses.com/forums/showthread.php?t=49850

I would suggest looking over all of the posts, particularly the "Stickies) at the beggining of this Forum for much helpful information.

I plan to get together again, with the Better Business Bureau, take another course in Business Plan writing.

I hope this helps you... let us know how you progress

night

Mister Chris, MSN, NP · Jul 21, 2005

And heck yes, it is worth being independent. No matter what you might do as an employee, your employer is making a profit on you. That means that if you go into business for yourself, you will be able to pay all the expenses and taxes your employer is paying for you now, plus your usual pay, plus that profit margin. You will also be much more able to control your costs, arrange your own benefit package, take advantage of favorable business tax laws, perhaps be able to charge more than your employer was able to for your services - either because you can now charge what you are worth or can better target your client or better able to negotiate (the list can go on and on).
More control over your life and earnings and professional practice is the bottom line. Downside is much more stuff to do besides your actual service, from marketing to billing to taxes. Much of it you can offload to other professionals but you will still need some business sense. On the other hand, I've seen lots of successful businessmen without a lick of sense!
You may not make $150,000 a year, but you should be able to make significantly more than you do now and depending on if this is your life, with more satisfaction as well.

Yes! Yes! Yes! - could not aggree more. I have been Indepenent now for over 5 years and would never go back to being fully employed. I have been nursing for over 36 years - these last 5 have been the BEST .

I do not know what you need in USA but here in Australia I set myself up with the TaxMan(!) and my accountant and refused to listen to the agencies and negative 'nay-sayers'. You doo need some really good references, copies of your qualifications and your 'track' record, i.e. C.V. Go to all health facilities in your area and sell yourself. Rates of pay - about 5 to6% less than what the agencies charge. (That is sometimes difficult to find out.) Set yourself up with a sales leaflet, business cards and with confidence and a smart 'uniformed' appearance.

Yes it is worth it, I now have a break when I want can be with my family when they are around for holidays etc.

If it does not work for you then you can go back to being employed. :crying2:

Yes you do need insurances etc. but most of all you need confidence and one good starting place - mine was a small nursing home! After that I found I had confidence to go anywhere.

Good Luck :balloons:

Mister Chris :specs:

suzanne4, RN · Jul 21, 2005

In the US, you must be set up as a corporation or an LLP to meet IRS standards. There is alot more to it over here, or you get in trouble with the tax an here and can get severe penalties.

I have done it for years when I was in my home state, but it is not for everyone. There is still quite a bit of paperwork that needs to be done all of the time. It isn't as simple as working, collecting a check, and then just getting paid. There is alot more to it, and the only one that can really help is an accountant that is familiar with this type of work if someone doesn't have all of the info/schooling behind them. Each state als have theor own tax laws that have to be dealt with.

indrn · Oct 26, 2005

I have been an IC for approx. 5 years and I love it. Not only more money but more control over my work life and home life. I learned much of the how-to info from the National Association of Independent Nurses. It can be daunting getting started but is well worth it in the long run

JudyW · Feb 5, 2006

I am from Ohio and the parent of a disabled son who receives nursing hours paid for by the state. It is called the waiver program. Waiver is currently paying independent nurses, $55. the first hour and $22.80 for every hour after, per shift.

They tried to cut LPN wages by 30% a few months ago but so many people responded negatively, that they did not implement the plan. Now they are planning a cut for both LPN's and RN's. The cut will be 8% of the first hour pay, lowering that hour to $50. and 5% every hour after, cutting the $22.80 to $21.65. This is planned to go into effect July,1,2006. Are there any other states out there that have implemented wage cuts in the independent field. Judy