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I am interested in opening my own business, maybe an assisted living or adult day care facility or a nursing agency. Which one is most profitable and least complicated?

Monday April 8, 2013
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Question:

Dear Donna,

I have been a critical care nurse for eight years and am interested in opening my own business. I am deciding between an assisted living facility, an adult day care facility or a nursing agency. Which one is most profitable and least complicated?

Wants to be an Entrepreneur

Dear Donna replies:

Dear Wants to be an Entrepreneur,

Although one is not necessarily more profitable than the others, the one that would require the least amount of startup money, time and red tape would be a staffing agency. However, in a tight job market such as the one we have now, this is not the best time to start a staffing agency.

Rather than starting a business from scratch, you might consider becoming a franchisee. Franchises are available for all of the above types of businesses. I would suggest you at least look into that option because it would be a good way to learn more about what is involved in starting and operating each of these types of businesses. Some of the advantages of owning a franchise are that you can benefit from a nationally known brand and marketing, you get training and ongoing support to run the business and can take advantage of bulk purchasing options. In exchange for that you pay an upfront investment to the franchise and then give a certain percentage of your profits to the home company.

You might want to attend my “How to Start Your Own Business or Consulting Practice” seminar to explore trends and issues related to these and other business opportunities for nurses along with business and marketing basics. See where I'll be at www.Nurse.com/Events/CE-seminars.

The National Nurses in Business Association (www.nnba.net) is another good resource for you.

Best wishes,
Donna


Donna Cardillo, RN, MA, well-known career guru, is Nurse.com’s “Dear Donna” and author of “Your First Year as a Nurse: Making the Transition from Total Novice to Successful Professional” and “The ULTIMATE Career Guide for Nurses: Practical Advice for Thriving at Every Stage of Your Career.” Information about the books is available at www.Nurse.com/CE/7010 and www.Nurse.com/CE/7250, respectively. To ask Donna your question, go to www.Nurse.com/Asktheexperts/Deardonna. Find a “Dear Donna” seminar near you: Call 800-866-0919 or visit http://Events.nursingspectrum.com/Seminar.