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TAIMA CAMPBELL praises the value of nursing getting involved in their own business.

New Zealand is one of the easiest countries in the world to set up your own business. Once you decide what business structure you want to use, everything you need to do can be done online within a few days. The ‘ease of doing business’ is part of the reason for the growth in the number of small to medium enterprises (SMEs) that contribute to the national economy. A 2011 Ministry of Economic Development report shows 69 per cent (323,935) of all SMEs are one-person enterprises with no paid employees. On the downside, the report also shows that is these “zero-employee” or self-employed enterprises that are most likely to fail, so it pays to think about what you want to do in business and why.

There have always been nurses who have left public healthcare to become involved in healthcare businesses or social not for profit enterprises. Some nurses operate residential care facilities or provide nursing care services; some provide education or consultancy services; some are shareholders or owners in general practice or other health care providers.

These nurses are a small percentage of the profession, but changes in the healthcare system, policy changes, and the increasing scope of professional practice means that numbers are likely to grow.

Offering business seminars is a new initiative for the College of Nurses Aotearoa and is designed for nurses who are interested in combining their professional skills with business opportunities. So if you are interested in knowing more about how to ‘get started’, ‘get funding’, and ‘get help’ to set up your business or social enterprise, then register for our inaugural workshop now.

Nurses in business seminar

This seminar, held in Wellington on7 November, is for nurses interested in combining their professional skills with business opportunities.

It will provide vital information for nurses interested in entrepreneurship, self-employment, consulting, or an RN/health business. Learn how to set goals, get started, obtain finance, share learning and insights by networking with experienced nurse entrepreneurs, explore case studies, and receive advice on business, finance, planning, insurance, and marketing from experts.

Registration and information: www.nurse.org.nz/nurses-in-business-seminar 

“It was my partner who suggested I buy a practice. Probably because she was tired of hearing about the frustrations of my professional life. Frustration at the lack of influence over my practice and that funding streams and employers had more determination over my clinical work than I did. Sitting on the deck looking at rural New Zealand, we agreed to mortgage the property, and it changed my professional fortune.” Kim Carter RN, Director, Wood Street Surgery, Temuka
See full Carter article at: www.nursingreview.co.nz/issue/december-2012/to-boldly-go-some-thoughts-on-buying-a-general-practice

“Once you decide what business structure you want to use, everything you need to do can be done online within a few days… And (online accounting software) makes accounting easy. I wish I had bought shares in the company.” Taima Campbell RN, Director, Hauraki Health Consulting Ltd

Definition of a sole trader

• A sole trader is a person who decides to start a business by trading on his or her own.
• Becoming a sole trader is the simplest way to get into business and requires the least cost because it doesn’t involve any legal or formal processes in the start-up phase.
• In this type of enterprise, the sole trader owns all the assets of the business, manages the business, and is responsible for all the debts and liabilities. The sole trader retains control of their business and the profits made.

Definition of a company

• A company is defined as a business that is a separate legal entity from the people who have a financial interest in the business, who are known as shareholders and are taxed separately from the company on the income they receive from it.
• This is different from sole traders, who are considered – in legal terms – to be their businesses.
• As the company is a separate entity, it owns all the assets and all the liabilities itself.

For more information on setting up your business go to www.business.govt.nz