Can a Nurse Bank Millions?

January 3, 2024 Bridget Montes

Here’s the answer to your most burning question, “Can a nurse really bank millions?”:

YES, yes, we can.

It might not be tomorrow or next week or next year even, but trust me (as a nurse currently making money on the internet), there are plenty of ways a nurse can leverage all those skills, learn new ones, and freaking bank millions.

But I will admit entrepreneurship isn’t for everyone. And you can’t expect your journey to be easy should you attempt to make money moves and go after your entrepreneurial dreams.

My journey from sleep-deprived frontline nurse to thriving business owner certainly hasn’t been easy, and while I haven’t made a million dollars yet, I can assure you this journey has all been worth it.

And nurses really can do anything, including starting a side hustle and banking millions because of it.

It’s 2024, nurse friend.

Gone are the days when you had to start in medical-surgical nursing before transitioning to your desired specialty, gone are the days when you allowed yourself to be in an abusive relationship with your employer, and most importantly, gone are the days when you had to work at the bedside to be a “real nurse.”

You can still be a nurse, bank millions, positively impact the communities you’re passionate about, love what you do, and live your dream life.

Don’t believe me? Let’s talk about it.

From bedside to business: How to create your own professional path to become a nurse who banks millions

The average salary for a registered nurse in the United States is approximately $89,010 per year. However, this number varies greatly depending on several factors, such as location, specialty, experience, and education level.

Basically, nurses working in metropolitan areas tend to earn more than those working in rural areas, and those with advanced degrees or certifications often earn higher salaries as well.

So, while your nursing career may not offer a six-figure salary straight out of nursing school, it does provide many opportunities to build wealth over time — and that is where the magic really lies.

Your nursing degree provides you with a unique opportunity to create your own professional path, build a career you actually enjoy, and contribute to bettering the lives of others in innovative ways.

Typically, nurses are uniquely suited to pursue entrepreneurship because they already have the skills and experience necessary to develop, manage, and market successful businesses — it’s just a matter of figuring out how to leverage the knowledge they already have in a new way.

Nurses have a deep understanding of the healthcare industry and the needs of patients, as well as the ability to identify and solve problems. They are also skilled communicators, collaborators, and leaders, making them well-equipped to manage a team and build a successful business.

And that’s why I know any nurse (cough cough, YOU) could successfully start a business to supplement the income you’re already making at your staff position.

Who knows, maybe it’ll go viral, and you’ll be the next nurse who banks millions because of your side hustle, yes?

3 significant benefits of entrepreneurship

Entrepreneurship is the process of creating, developing, and managing a new venture or business idea. It involves taking risks and innovating new ideas, products, and services to meet the market’s needs.

The benefits of entrepreneurship for nurses are numerous (and would require a blog post of its own), but here we’ll talk about just three of them, including the opportunity to increase job satisfaction, financial independence, and flexibility.

Increased job satisfaction:

Entrepreneurship allows you to pursue your passions and create a business that aligns with your values and goals. It provides an opportunity to make a difference in the lives of others, improve patient care, and innovate new ideas. It gives you more autonomy over your career and allows you to redefine what it means to be a nurse.

Financial independence:

Starting your own business can increase your earning potential and achieve financial independence. You can set your own rates, manage your own finances, and build a successful, purpose-driven business that generates significant income.

Believe it or not, you really can take your side hustle and scale it into a million-dollar business and achieve the financial independence you dream of — if other nurses have already proven that it’s possible, why can’t it also be possible for you?

Flexibility:

Your nursing job might allow you to be flexible in your schedule and maybe your location if you’re able to travel. However, entrepreneurship provides you with a different sort of flexibility. You can create your own schedule (after you’ve put in the long, grueling startup days) and choose where you work just the same as your staff position. But you can also make your own decisions, choose your clients, and pursue your interests. It allows you to balance your personal and professional lives, take time off when needed, and work from anywhere in the world.

Challenges you may face on your path from bedside nursing to entrepreneurship

Despite the many benefits of entrepreneurship for nurses, there are also challenges that you may face along the way. Juggling multiple roles, securing funding, and overcoming self-doubt are just a few of the challenges you may encounter on your journey to redefine what it means to be a nurse.

Juggling multiple unfamiliar roles:

We all know nurses are epic queens at being jacks of all trades, and, unfortunately, pursuing entrepreneurship won’t be any different. Starting a business requires diverse skills and expertise, ranging from financial management to marketing and from legal compliance to customer service. A nurse turned first-time business owner may not have all these skills and may need to learn quickly to juggle these unfamiliar roles or seek support from external resources such as mentors, consultants, or professional networks.

Securing funding:

Starting a new business requires funding (sometimes a lot of it), and you may face challenges in securing the capital you need to get started. If you’re planning to be a solo entrepreneur, you’ll likely need to save your money to fund your business initially. If you have bigger business plans, you may need to explore alternative funding sources, such as grants, loans, or crowdfunding, or seek partnerships with investors or other healthcare organizations to get your business off the ground.

Overcoming self-doubt:

Starting a business (even if it’s just a side hustle) may cause you to experience self-doubt or imposter syndrome as you navigate the process. The emotional roller coaster of starting a business is challenging. It requires a significant investment of time, energy, dedication, passion, perseverance, and the ability to manage stress, uncertainty, and self-doubt. But if you start to recognize that these feelings are normal and seek support from mentors, peers, and other entrepreneurs who can offer advice and encouragement, you’ll be more likely to succeed.

What you’ll need to become a nurse who banks millions with a side hustle

As a nurse, you may have a passion for healthcare and helping others, but it’s also possible to create a lucrative side hustle that can generate significant income. Starting a business or pursuing entrepreneurship can allow you to earn millions and achieve financial independence.

Here’s what you’ll need to know to get started:

Identify Potential Opportunities:

You’ll need to come up with some ideas, so the first step in pursuing a business or side hustle is to identify potential opportunities. This involves researching the current market and identifying gaps or needs in the healthcare industry.

Tips for identifying potential opportunities include:

Conducting market research to identify unmet needs or customer pain points
Identifying areas where healthcare technology can be leveraged to improve patient outcomes
Identifying emerging trends in the healthcare industry, such as telemedicine or home healthcare services

Education and Training:

Once you’ve identified potential opportunities, the next step is to get the education and training necessary to actually pursue your business idea. This may involve pursuing additional education or training in a specialized area of nursing, entrepreneurship, or business management. When selecting a training program, consider factors such as cost, time commitment, and the reputation of the institution or program.

Types of education and training may include:

MBA or other business management degree
Entrepreneurship training or certification programs
Training in a specialized area of nursing, such as aesthetics, midwifery, or legal consulting

Financial Resources:

Starting a side hustle or business requires financial resources. This may include startup costs such as office space, equipment, or marketing expenses. Carefully evaluate the costs and benefits of each financing option and create a solid business plan before seeking funding.

To find financial resources, consider:

Applying for small business loans or grants
Crowdfunding
Partnering with investors or other healthcare organizations

Support Systems:

Building a successful side hustle or business requires the support of a strong professional network and mentorship. While there are challenges to starting a business or side hustle, with careful planning, education, and support, it’s possible to build a successful career as a nurse entrepreneur and scale the business of your dreams. Consider joining professional networks or organizations related to your area of expertise, such as LinkedIn or the National Nurses Business Association. Finding a mentor with experience in entrepreneurship or business management can also be invaluable in providing guidance and support.

Tips for finding your support system:

Network with other nurses who have successfully started their own businesses by attending conferences, joining professional organizations or online communities, or reaching out to nurses on social media platforms
Seek out mentorship or coaching from experienced business owners or entrepreneurs in your field
Find resources specifically geared towards helping nurses start and grow their own businesses that may include workshops, webinars, online courses, and communities.

Marketing:

One of the key factors in building any type of successful business as a nurse entrepreneur is effective marketing that draws in your ideal audiences and converts them into loyal customers, and since we’re living in a digital world, having a strong online presence is essential for reaching those potential clients and customers. A well-executed marketing plan can help you grow your business and achieve the financial independence you’ve been dreaming of.

Here are key strategies for marketing your business:

Network and build relationships with other professionals in your industry
Use social media platforms to reach potential clients and build visibility for your brand
Create a website and write copy that establishes your credibility and builds trust with your audience

So, will you be the next nurse to prove that you’re more than “just a nurse” and bank millions with that idea floating around your head?

Orrr…are you going to waste an opportunity to positively impact the communities you’re passionate about?

The choice is up to you, nurse friend.

And as always, once you decide to just freaking go for it — I’ll be here, ready and waiting to write some kick-ass, connection-worthy copy for your website that your ideal audience couldn’t possibly resist, making it that much easier for you to become the next nurse who banks millions after your side hustle goes viral. 😉

SDN