LeaRae Keyes, an RN and founder of the Nurse Entrepreneur Network, wrote an interesting article on her web site about the benefits of starting a nurse entrepreneur-related business during a recession. Within her article, she cited 7 reasons why a recession is a good time to start a nursing-related business, and we’ve included them here for our Factoring Blog readers:
- Companies are more likely to be looking for lower cost alternatives to their current providers.
- Business supplies are often discounted so it doesn’t cost as much to start a business.
- Companies do more outsourcing to decrease their bottom line which will benefit you if you can fill the gap.
- The marketplace is less crowded and this means less competition. It is like taking a vacation during the off season.
- Money is not lost in a recession. Wealth is transferred. Follow the money. Sell to those that have the money.
- People spend more time at home. Grab their attention by using 2.0 technologies.
- People working longer hours to hang onto their jobs are willing to pay for services because they have less leisure time.
And if you’re worried about securing financing in this bad economy, you don’t have to. Teaming up with a nurse staffing factoring firm, such as PRN Funding, provides nurse entrepreneurs immediate cash to meet payroll and pay taxes, without having to muddy the company’s balance sheet.
Click here to read LeaRae Keyes’ entire article: Why is a recession a great time to start a nurse entrepreneur business?
Nikki,,,, when you say there’s no worry over financing a new Nurse Staffing business, isnt startup money different from factoring accounts receivables?
Henry,
You are correct. Accounts receivable factoring is different from a startup business loan. However, a lot of nurse entrepreneurs have enough money to start their business, but when it comes to making payroll on a weekly basis, and its customers pay on a monthly business, cash flow becomes a problem. Accounts receivable factoring is a good way to maintain a company’s cash flow, and it’s much easier to qualify for than a traditional bank loan.
Thanks for the comment!