Entrepreneurship can understandably feel unattainable in the medical field. That’s especially true if you have experience working in a clinical setting and understand how expensive everything is. However, there are many viable entrepreneurial ventures for registered nurses and nurse practitioners alike.

Starting a business may be intimidating for the average nurse, but it doesn’t need to be. Becoming a nurse involves lots of schooling and hands-on experience in the field. This means that you’ve already taken many steps needed to establish yourself as a successful entrepreneur.

As a nurse, you have a unique opportunity to help people, and you can use that to your advantage and help yourself. Follow along as we explore how the average nurse can get involved in healthcare entrepreneurship.

5 Entrepreneurship Opportunities for Nurses

1. Build a Home Healthcare Business

At-home healthcare is an essential luxury for many people who cannot easily visit hospitals. The qualifications to start a home healthcare business vary between states. However, licensed nurses and physicians who meet state health board certifications face few obstacles.

Home healthcare providers must be certified in CPR and AED, which are certifications that many nurses have. Granted, starting a home healthcare business requires an investment as you must purchase many supplies. Other costs, such as insurance, licenses, and staffing your business are also important to consider.

The knowledge and experience that nurse practitioners especially lend themselves to home healthcare. Nurse practitioners can also prescribe medication, which is something many home healthcare candidates need. This is one of many reasons why becoming a nurse practitioner is worthwhile.

2. Establish a Medical Spa

Medical spas have expanded far beyond major U.S. cities and are more popular than ever. While nurses cannot flippantly open medical spas, that doesn’t mean they’re boxed out. Most states specify that only licensed physicians can open medical spas.

However, nurse practitioners and physician’s assistants (PAs) are allowed to open medical spas in some states. That said, most states require nurse practitioners and PAs to partner with physicians to open medical spas.

Registered nurses with BSN degrees can also buy existing medical spas in some states. However, this is only allowed if the Medical Director is a licensed physician.

3. Open a Medical Transcription Business

Any experienced nurse can tell you about the importance of medical transcription. They may also tell you horror stories about medical transcribers who have made mistakes. Luckily, experienced nurses are unlikely to make mistakes while transcribing information from a physician.

Whether you’re a registered nurse or a nurse practitioner, you can use your experience to establish a great transcription service. Use your knowledge and experience to create an ironclad guidebook for your team. This can help avoid mistakes, which is what practices look for in transcription services.

4. Start a Telehealth Service

Since early 2020, telehealth has exploded and become a huge force in the medical world. Many people simply cannot easily visit a medical facility because of limitations. Telehealth services let people easily gain medical insights from experienced professionals without leaving their homes.

Starting a telehealth service is much easier than other entrepreneurial ventures, like home medical spas. However, you must still get a National Provider Identifier (NPI) and Identification Number (EIN) to establish yourself. It’s also important to register and certify the building you operate from.

Luckily, telehealth requires little investment if you’re already a registered nurse practitioner or physician. It’s worth hiring a team to handle scheduling, billing, and management.

5. Become a Consultant

Nurses are needed as consultants in many fields, whether it be a legal case or an entertainment project. For example, a nurse or physician’s knowledge and opinion is sometimes needed in court. Legal nurse consultants typically have several years of practical nursing experience to validate their professional opinions.

You may be called upon in the event of medical malpractice, workplace injuries, and forensic cases. Some nurses even use their experience and knowledge to contribute to film and television. Granted, that is easiest in places where films are commonly made, such as New York City and Los Angeles.

Use Your Nursing Experience to Start a Meaningful Business

Starting any type of business is equally challenging and rewarding. That’s especially true for nurses who can use their knowledge and skills to help people. Don’t hesitate to take a risk and invest in yourself to establish a business that maximizes your entrepreneurial potential.