Many Nurse Practitioners dream of owning their own practice. However, not everyone is cut out to be a practice owner.
Here are some questions for you to think about before you make the leap. Doing so now may save you tons of headaches, or it may fan those entrepreneurial fires even brighter!
1. Why do you want to be in practice? Really look at your reasons why. Your reasons must be strong enough to sustain you through the challenges.
2. What needs can you meet that you cannot meet as an employee? (These can be your needs or the needs of your patients.)
3. Do you want to work alone, or have partners?
4. What are your startup cost, and where will you get the funding? What are your alternatives?
5. Are you okay with having less time off? Few benefits? Especially in the beginning?
6. How much do you want to make? How many patients will you need to see per day in order to meet that goal – minus all the overhead?
7. Can you reasonably go without a pay check in the beginning if you don’t have adequate funding? Do you have another source of income or support?
8. Does the idea of being completely responsible (th buck stops with you) thrill you or fill you with dread?
9. Most importantly, what is your exit strategy? Do you want to run the business/practice until you retire and just close the doors? Do you want to sell it? Are you turning it over to a child who is currently in NP school? Your exit strategy will determine how you set up the business in the first place.
Take the time to think this through. Write down your answers. Discuss it with other business owners and friends and family. Only you can answer these questions and clarify your desires. Doing this now will help you focus and create the path that is right for you.
(c) 2009, Barbara C. Phillips, NP is the founder of NP Business™ and Nurse Practitioner Business Owner™ and works with NPs to get started and grow their own business. To get your copy of these tips in your in box, as well a gift just for reading, visit http://www.NPBusinessTips.com.
