Posted: March 23rd, 2023

Nurses are Starting their Businesses in the Healthcare Sector

Nursing is a profession in the healthcare industry that emphasizes care for the community, families, individuals, and the sick to uphold, achieve, or recover from illnesses and have a quality life. However, in recent years, nurses are using their skills, education, and business knowledge to start a business in the health sector. Nurses have established and are now running their companies. They have ventured into the development of health care systems, medical devices, healthcare products, and home care service provision. However, the business faces some challenges, such as competition. Therefore, it is imperative to discuss the various challenges new businesses face and how to cope with them while maximizing the advantages.

In the nursing business, various factors lead to its success. Firstly, there is a ready market for people requiring nursing services or equipment. In fact, the nurses have medical training; therefore, they can provide medical care for anyone who may not be feeling well. Secondly, the medical equipment produced by these companies will have a ready market, hence, enhance success in the business. Lastly, nurses have an advantage over competitors since they have the professional training, making their customers and potential clients trust their products (Hacker, 2010). Thus, the nurses who venture into the nursing business are likely to have success.

The business has several players where direct competitors offer the same services being presented by the venture. The various players are the government, hospitals, and other healthcare provider industries. In this case, the government can provide care to all its citizens at a cheaper cost compared to the private sector. Additionally, the government and the large hospitals can produce or purchase equipment at a low price. On the other hand, indirect competitors provide different services or goods but can equally satisfy the customer. Several businesses provide similar nursing services, but they have untrained staffs; therefore, they must implement low rates for their services, thus leading to competition.

The competitors have an advantage over a new business since they have the experience in the market and they have the knowledge on how to overcome the challenges. Additionally, they already have established businesses; hence, they have ready customers. However, a new business may bring creativity and professionalism, which will be a major advantage that will attract customers and provide efficient services and goods, thus satisfying the client’s needs. The new business will face some challenges of entering the market. The already established businesses have their customer base, and it will be hard for a new entrant to convince the customers to purchase or use the new goods and services. On the other hand, the business will have an advantage of being new since people tend to appreciate new things and services (Hacker, 2010). In addition, since a professional care provider is operating the business, the customers will have trust in the business, hence making it profitable.

Entry of a new business usually faces major opposition from the competitors. They usually take various steps to ensure the new business does not succeed. Firstly, they will offer their products and services at a lower price to keep their clients from being poached. Secondly, they will invest in marketing, making their products known and reminding the clients of their existence (Fitzpatrick, 2012). Hence, it is evident that a new business will be faced with some challenges, especially from their competitors.

As evident from the above discussion, the professional health care providers are now using their skills to join the business world. However, the industry has various disadvantages, especially from the competitors. On the other hand, the business also may have advantages as people like using new products or services. The competitors in the industry are not welcoming and will take various steps to ensure they outshine the new businesses to remain relevant.

References

Hacker, S. M. (2010). The medical entrepreneur: Pearls, Pitfalls & Practical Business Advice for Doctors. U.S: Nano 2.0 Business Press.

Fitzpatrick, J. (2012). 201 Careers in Nursing. New York, NY: Springer.