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Educator Facts SheetNature of the businessA teacher can provide education in a variety of ways including live seminars, books, CDs, and other media. Education businesses include :
Startup costs and legal structureThe startup cost for an RN consulting service is relatively low. You can use a home office and equipment (computer, printer, etc.) that you already have. As an RN, you are licensed to practice as a nurse; therefore, you are not required to start a sole proprietorship, limited liability company (LLC), or a corporation. Although it is not required, the NNBA recommends that you incorporate your business to protect your personal assets and take advantage of many tax deductions only available to small businesses. The book, Self-Employed RN: Choices, Business Aspects, and Marketing Strategies, contains a complete outline of startup costs. Click here for book details and/or to purchase the book. The Internal Revenue Service (IRS) requires that personal and business expenses and equipment be held separately. Personal computers, software, printers, and other equipment and supplies used by the company can be purchased by the company from you. You can loan your company startup funds to purchase these items or rent them to your company. No personal business should be done on company computers or equipment. Industry futureThe future for this industry is good based on the shortage of nurses and assistive personnel. The more regulations and requirements; the more teachers are needed to provide the training, e.g., hotel hand washing, CPR, medication errors, state required courses for license renewal, to mention a few. EarningsEarnings are limited by the number of physical hours a nurse can work. Typical earnings for a consultant working full time are in the range of $125,000 a year. Hourly rates range from $100 to $250 per hour. Daily rates for a seminar range from $600 to $5000 per day plus expenses. Starting as faculty for someone else's seminar company is a good way to learn while being paid. EducationYou need to be a registered nurse. Certification in your field is optional. No other nursing educational requirements exist. You do not need a BSN, MSN, or any other formal nursing education degree. However, some universities require authors of their continuing education programs to have a masters in education. Business education is needed for nurses to understand the business aspects of being self-employed or a small business owner. The association provides this education customized for nurses. College and community business courses do not understand the nursing community. Advanced nursing courses do not teach self-employment and small business ventures. The NNBA provides this education in various ways to make it convenient and affordable for you.
Business terminologyAn nurse who provides education or teaches is a consultant. A formal school listed with the education department may be necessary to teach assistive personnel. A nurse must be approved as a provider to give contact hours for nursing continuation. Provider status can be purchased (after meeting certain requirements) through nursing associations (including the NNBA), CE brokers, and state RN licensing boards. Business legal structureThe legal structure for a consulting service can be a sole proprietorship, limited liability company (LLC), or a corporation of one or more. Sole proprietors, LLCs, and S corporations are considered self-employment by the IRS. The regular corporation is an independent legal entity separate from its owners and provides the greatest tax deductions and protection of personal assets. The Self-Employed RN: Choices, Business Aspects, and Marketing Strategies book contains an outline of a business plan. Click here for book details and/or to purchase the book. Little known factsSelf-employment may cause difficulties when applying for loans and mortgages. A consultant's business plan only needs a three month financial projection. If you have questions about starting an education business, contact Pat Bemis, RN CEN, president NNBA. Contact by email. Phone (321) 633-4610. |
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