Over the past 2 decades in business as a serial entrepreneur, and as the President of the National Nurses in Business Association, there are several mistakes I have observed and seen repeated. I have firsthand experience in making some of these same mistakes, so here’s how nurses can be better prepared to in starting their business.

1. Putting the cart before the horse – is an idiom for doing things in the wrong order, as in spending money before knowing that money will be available. Complete your product first. Examples are going all in on social media events, investing in Facebook, LinkedIn or TikTok before your product is ready. Stop purchasing cameras, and microphones, being consumed into websites, (guilty here), social platforms, and every distraction possible before you have a finished product. To create an effective marketing strategy and plan, put first things first, by completing the product, offering or program. Many times the completed offering reveals what platforms are best suited, and you won’t waste time, energy and money on ineffective marketing efforts.

2. Not conducting market analysis and product feasibility – are there competitors that have the same target audience that are successful? What business model are they using? Is there a high enough number of potential customers that purchase your offering to allow you to secure the income to meet your goals and or lifestyle? Here’s an example: In in the mid-90s, our company provided decision support software for insurance companies, self-insured and third-party administrators that identified fraudulent medical billings.

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