Today, more and more nurses are going into business for themselves. Many seek a change of pace, a new challenge, or more variety and excitement in their lives. Others would just like to earn some extra income. Whether your goal is to generate spare cash or forge a whole new career, you’ll want to take steps to ensure your new venture is profitable. We’ve outlined 14 crucial steps that will help you create your own formula for success and prosperity.

1. Develop a Business Plan

Experts say that as soon as we put our visions, objectives, and strategies on paper, we triple both our commitment to these goals and the probability of achieving them. Of course, having a plan won’t guarantee success, but failing to plan almost always guarantees failure.

If you are seeking venture capital or a business loan, you may have to write a formal business plan. If you don’t need outside financing, keep your plan as simple as possible and focus more on the marketing component. A solid marketing plan is critical to achieving success in any business.

Your plan should be a living, vital document that you refer to over and over. Industries, markets, your clients, and you will change, so your plan must evolve to keep up. However, more important than the plan itself is acting on the plan. Commit to taking one action step each day to implement your business strategy.

2. Line Up Professional Resources

Spending money is essential for any successful business start-up. The following resources can make the difference between wasting money and spending wisely to build a healthy business:

• Attorney — develops contracts and gives advice about legal matters
• CPA — offers bookkeeping and tax advice
• Bookkeeper — keeps records for tax returns and prepares financial statements
• Payroll specialist — handles payroll from start to finish
• Graphic designer — designs promotional materials
• Copywriter/editor — writes promotional materials
• Printer — prints promotional materials
• Financial planner — helps manage investment portfolio
• Insurance agent — provides insurance coverage
• Image consultant — coordinates business wardrobe
• Information technologist — addresses equipment and technology issues
• Bank officer — oversees all routine bank matters and facilitates loan applications
• Secretary — handles typing, filing, and clerical duties
• Courier/delivery service — handles deliveries to and from clients and resources
• Copy service — handles copying, as well as binding, folding, etc.
• Other business owners — can mentor you through virtually any problem you encounter because there are no original problems

Also be sure to take advantage of resources and advice available through the US Small Business Administration (SBA), Service Corps of Retired Executives (SCORE), your local Chamber of Commerce, networking groups, and professional associations in the field of your new business.

3. Pick a Name

You can operate your business under any name, but avoid a cutesy or humorous name that might offend potential clients or make your business look amateurish.

4. Establish the Structure of Your Company and File Appropriate Paperwork

There are four primary structures you can choose, but be sure to get legal advice before you do.

• Sole proprietorship. This structure is simple, inexpensive, and easy to set up. You and your company are legally inseparable.
• Corporation. This is a group of people who have formed an organization that has separate rights and liabilities from each of the individual members. Here, you have the choice of establishing a “C” or “S” corporation. Each type has specific tax and legal implications, so be sure to consult an accountant and an attorney.
• Partnership. A partnership is an unincorporated business with multiple owners. In general, the partners are liable for each other’s actions.
• Limited liability corporation. This type of structure protects the owners’ personal assets. Profits are taxed only once on the tax returns of the owners.

5. Create a Promotional Package

You can develop a promotional package with the help of a graphic designer and copywriter. Your package should include an introductory letter, a business card, a brochure about your company and services, and testimonials or letters of recommendation. If you are on a tight budget, you can develop these materials on your home computer inexpensively. Be sure your promotional package matches the professional image you want to convey.

6. Purchase Appropriate Insurance

You may need liability, disability, medical, and life insurance. An insurance agent can advise you about the appropriate coverage for your needs.

7. Invest in One Effective Business Outfit

Look successful from the start by wearing appropriate business attire for every professional appointment. Focus on top quality rather than on high fashion. Choose a style and color that make you look your best and establish you as a professional to be reckoned with. Navy blue and black are excellent business colors.

8. Set Up Your Office

First, decide if you want to work from home or lease office space. The drawback of leasing is that it commits you to an ongoing expense, no matter how well your start-up does. Unless your clients come to you, you can easily and inexpensively work from your home. Essential office equipment includes a desk, chair, computer, printer, fax, and Internet access.

9. Set up and Maintain Bookkeeping and Tax Records

Choose an accounting system to simplify your record-keeping and tax preparation. Many small businesses use Intuit’s QuickBooks software for this purpose.

10. Open Separate Bank Accounts

Keeping your business funds separate from your personal money will make bookkeeping and tax preparation easier. In addition, this simple act will make you feel like a real business owner.

11. Get a Post Office Box

When working from home, consider renting a separate mailbox to receive business mail and keep your privacy.

12. Set up a Separate Phone Line with Voice Mail

If you work from home, install a separate phone line and voice mail system for your business calls. There is nothing less professional than a 4-year-old answering a call from a client. To save money, you can put your fax machine on the same line.

13. Set up an Information Storage and Retrieval System

The more organized your office is, the more productive you will be. If you can’t find something within three minutes, your office can benefit from better organization. Both manual and computer files should be at your fingertips instantly, including contacts, prospects, resource people, projects, and active and inactive accounting records.

14. Develop Forms and Strategies to Make Managing Your Business Easier

Don’t reinvent the wheel; instead, create forms you can use over and over. Forms for resource and project assignments, a billing log, and a fax cover will make your business more cost-efficient.

Step by step, you can create a long and exciting journey as a business owner. Incorporate each of these steps into your overall business plan. Then, take action every day to implement your plan. Last but not least, be sure to plan for enjoying your adventure and sharing your success with those you care about.