Starting my Own Business

GingerSue · Mar 20, 2005

what kind of business?

phoenix24rn · Mar 20, 2005

what kind of business?

i am a pediatric nurse, currently working in a private office. i found that many parents call the office to speak with me regarding their sick kids fever, sore throat, vomitting, etc. i thought of maybe starting a parental clinic. teach parents on what to expect when their child is sick. also, i thought of maybe teaching nannies, day care providers, au pairs. i'm just nervous about starting my own business because i have no mba background. :chair:

GingerSue · Mar 20, 2005

do you really need an mba?

[color=#4b0082]could you go to an accountant and get the necessary information?

[color=#4b0082]i have a business (no mba), and a person has to be registered with your city, pay their fee for your business name, arrange for insurance, advertise - newspaper, brochures, business cards, get in the phone book. there are ways. good ideas you've mentioned.

[color=#4b0082]good luck.

Nesher, BSN, RN · Mar 20, 2005

Don't forget you need a license and will pay taxes as well.

James Huffman · Mar 20, 2005

The dirty secret is that almost no entrepreneurs have an MBA. And most MBAs are not entrepreneurs.

Starting a business -- nursing or otherwise -- is not a function of learning how to do the books, pay taxes, or register with your city. It's having the guts to try to do something new, something different.

Will you succeed? Probably. What I can guarantee is that you will learn and grow more than you ever thought imaginable.

Go for it. Your idea may work, and you might make a lot of money. I started a free-lance practice after only 2 1/2 years of hospital nursing. I fell on my face a couple of times. But on the whole, it has made a wonderful life for me and my family.

Go for it.

Jim Huffman, RN

zenman · Mar 20, 2005

You don't need an MBA but business courses would help at some point. Networking is good. Contacts can make or break you. Get in with SCORE (http://www.score.org). Learn to enjoy fear. Learn to get back up after failing...like Trump. Learn to think "correctly." Do a search for "millionaire mind." Laugh at losing a few years salary in no time at all. Did I mention fear? Become good in an area, making sure that people will pay you for the knowledge you have. How can you help them...make their life better...save them time...help their kids...keep them healthy, etc..

oldiebutgoodie, RN · Mar 20, 2005

Finding an accountant, or taking accounting courses,is the most important. I had my own business for 8 years, and did quite well. However, I have found that many people don't understand some of the basics:

1. You have to pay taxes!

2. You can't just write yourself a check out of the company funds whenever you want. The business (probably a corporation) is a different legal entity from you. So, if you want money, you may have to either take a draw from the business, (and pay personal taxes on it), or pay yourself as an employee. If you pay yourself as an employee, you have to withhold federal, state, and FICA taxes, and submit them to the government on a regular (sometimes quarterly) basis. Many folks never understand this concept.

3. Depending on what kind of corporation you have, you may or may not be able to provide yourself with health insurance (type S vs. type C. I am not familiar with the newer LLCs. Talk to an accountant about this stuff!)

4. Use a double-entry accounting program (Quickbooks vs Quicken). That way, it is easy to generate reports on your accounts payable (money you owe somebody) and accounts receivable (money people owe you).

5. If you are setting up a business where you bill people, make sure that you are clear on the terms up front--example 30 days, and after 30, a 3% service charge is applied. Big companies will put little companies on the bottom of the list of their accounts payable. (In other words, they can take a long time to pay).

6. If you incorporate, check into the procedure. You may be able to do it yourself, or your accountant may be able to do it. Lots of lawyers and accountants like to rip people off and charge them $1000 to set up corporations, when it may cost $200 plus a stamp for the form. Get several quotes.

7. Make sure you have Liability Insurance.

8. Save all your paperwork, if you ever get audited. Don't do stupid things that will "red flag" you.

Okay, that's all for now!

Oldiebutgoodie

oldiebutgoodie, RN · Mar 20, 2005

Actually, I want to amend my previous post. The most important thing is having guts to do it, and expecting some setbacks. THEN, make sure you understand the whole accounting thing!

Oldiebutgoodie

phoenix24rn · Mar 21, 2005

Actually, I want to amend my previous post. The most important thing is having guts to do it, and expecting some setbacks. THEN, make sure you understand the whole accounting thing!
Oldiebutgoodie

Thank you very much. Your advice is extremely helpful. I plan to implement all the ideas I get from this website, thanks to helpful nurses such as yourself.