How To Start Your Own Practice As A Nurse Practitioner

Opening your own practice as a nurse or nurse practitioner takes the same things nursing school did: a lot of work, the occasional all-nighter, and a strong support network. The payoff is ownership of something you built.

Two business owners share what they learned. Wendy Jules, RN, BSN, cofounded Fleur De Lis Beauty & Esthetics, a medical spa in Brooklyn. Peggy Roberts, DNP, WHNP-BC, opened Trust Women's Healthcare. Both launched during the COVID-19 pandemic, so they know the hard version.

Eight Steps to Opening Your Healthcare Business

Jules and her cofounder Carla Nelson knew their nursing background gave them the skill set to run a healthcare business. "We just had to take the leap of faith," Jules says. Passion matters: if it does not show in your work, clients will not feel it either.

Roberts stresses patience. The pandemic stretched her launch to nearly a year. "This isn't a race; it's a marathon," she says.

1. Know Your Why

A business can be profitable, but knowing why you are building it matters more. Write down exactly why you want to own one.

For both nurses, the why was personal. Jules and Nelson saw a lack of Black skin care providers in their community and built a space focused on accessible corrective skin care. Roberts opened a women's health clinic after learning how severe the disparities are: Black women are about three times more likely to die from pregnancy complications than white women. "I always believed if you are not invited to the table, you create your own," she says.

2. Get Your Paperwork in Order

Before anything else, handle the basics: choose a name, pick a business structure, and get an Employer Identification Number.

The three common structures:

• Limited liability company (LLC): combines features of a partnership and a corporation. You file it with your state.
• Sole proprietorship: one person owns and runs the business.
• Partnership: two or more people own and run it.

Each has tradeoffs. Research which fits your goals before you file.

3. Plan How You'll Fund It

You can self-fund from savings or borrow from a bank, but financing during the pandemic was hard. Many banks turned Jules and Nelson down. "We initially relied on our family, friends, and ourselves, emptying out our 401ks to fund the business," Jules says. They eventually partnered with Carver Bank, the largest African American managed bank in the U.S.

To make informed decisions, talk to family and friends, call several banks to find one that will work with you, and consult a CPA. A good accountant saves time and prevents costly mistakes.

4. Talk to a Healthcare Attorney

Not all attorneys are equal. A healthcare practice is specialized, so find one fluent in healthcare law. "Really do your research and interview your attorney," Roberts advises. Budget for it. In her case, based in New York, attorneys ran $200 to $1,000 an hour. Come prepared with your questions; the more prepared you are, the lower the bill.

5. Get the Certifications Your Practice Requires

The right certifications let you offer more services and attract more clients. "We decided to do intravenous (IV) hydration, so I undertook certifications in IVs and injectables," Jules says. Build the credentials your services demand.

6. Define Your Partner's Role

A business partner can drain you if roles blur. Jules and Nelson are sisters, roommates, and partners who saw each other constantly. Their fix was separating the personal relationship from the business one. "If everyone is doing everything, it's difficult to keep track of your success or your failures," Jules says.

7. Research and Find Resources

If you are an NP, start with practice authority in your state. Scope of practice varies: some states grant full authority, others restrict it. Know which applies to you before you build a model around it.

8. Network

Use Instagram and LinkedIn to connect with nurses and NPs running similar businesses. Vet your sources: check the website or LinkedIn profile of anyone you take advice from, follow them for a while, and see who they follow before you trust them.

You already hold transferable skills as a nurse. Other resources worth tapping include your local Small Business Administration, networking events for nurses and business owners, and membership in a nursing or NP professional association.