When to Leave Your Job as a Nurse Practitioner Entrepreneur

Job resignation.

Starting a successful side niche practice is always an amazing accomplishment. Building a successful practice is even a greater feeling. The blood, sweat, tears, and sleepless nights finally begin to pay off as you see satisfied patients walk in and out of the door and also see your bank account increase. Overall, it is an amazing feeling and hard to describe. I recommend it to any nurse practitioner looking to break free from the rat race… If you follow The Elite Nurse Practitioner Model, then you should be starting this practice as a “side hustle” at first and maintaining employment. This helps you be financially redundant and secure during the process. Trust me, you DO NOT want to be worrying about personal finances during a business start up when you don’t necessarily need to…

Building a practice while maintaining employment is the BEST way to start a practice and helps you remain debt free. It also reduces your anxiety. But there also becomes a time where you begin to tire…

You begin to dread your own business…

You begin wanting to slow down because there is just too much on your plate…

You begin not caring about your job anymore… You resent it…

Or you resent your business because it is taking away time from your family…

Listen, I have been there. I know dozens of other nurse practitioners who have been there as well… It gets tough.

Juggling your business, your job, and all of your personal duties leads to BURN OUT.

This will lead to a few things:

Your business will begin to suffer because you don’t have the time for it.

Your job performance begins to decrease because you lack the energy and care for it.

Your family and personal life begin to suffer because your mind is elsewhere, like your business.

And so forth and so forth…

There becomes a time where you have to make 2 choices:

  1. Quit your business.
  2. Quit your job.

Remember, you can only have 2 of the following 3 things as a nurse practitioner entrepreneur:

  1. Family
  2. Friends
  3. Your business

Pick 2, because maintaining 3 is very difficult… Throwing a job on top of that is damn near impossible.

So, when do you make one of the 2 choices? Do you quit your business? Or do you quit your job? Well, if you have been following The Elite Nurse Practitioner for any given amount of time, you should realize at this point that owning and operating your own business is the FASTEST way to financial independence, and honestly the only way to achieve true professional freedom. You know what my answer will be… But everyone’s circumstances are different. Making this choice comes down to MONEY ultimately.

How much do you need to live a comfortable life? How much do you need to pay all your personal expenses? How much do you need to pay for your personal life AND invest for the future? These are numbers you should figure out and I write Finance Tip Fridays for a reason…

In my opinion, your business should be generating at least 50-60% of your take home income from your job before you decide to cut down to part-time status at your job. If you are living below your means, then you could likely cut ties completely, but that might be tough.

If your business is generating at least 75% of your take home income from your job, then it is time to QUIT THAT DAMN JOB! There is a real career ceiling for nurse practitioner, and you will hit that ceiling VERY FAST remaining employed… Plus you will never achieve financial independence in any reasonable time frame.

Is it tough leaving a “secure” job? Yes, it is. It makes you feel all safe, warm, and fuzzy inside, but let me tell you this: no job is secure. YOUR BUSINESS IS MORE SECURE! Why? Because YOU have control over it, not some greedy physician supervisor or dumb healthcare administrator who doesn’t know the difference between a syringe and a stethoscope.

I do not regret leaving my job ONE SINGLE BIT. I wish I would have left it earlier to be honest with you. I know I would have been okay, but fear paralyzed me unnecessarily… Instead, I tortured myself for another year… I lost a part of me… Luckily, that is coming back, but it was tough.

If your business is generating 50-60% of the salary you are earning from your nurse practitioner job, then it is time to cut down to part-time. If you have an emergency fund, live below your means, and know how to be lean, then you likely could quit it entirely.

If your business is generating 75% of the salary you are earning from your nurse practitioner job, then seriously consider quitting… You don’t need it. Losing that 25% might sound scary, but once you have YOUR ENERGY AND TIME back, you will be able to dedicate that time more to your business and will make up that 25% within 3 months. I promise… That is when you can truly begin working ON your business vs. in it. That is when you can begin developing processes, so your business works for you vs. you working for it. Developing a semi-passive income from your business is the true path to freedom, and that will be hard to do remaining employed. Listen to THIS podcast where I talk to a successful nurse practitioner about this… It will make you realize that you are not alone.

Now some of you might argue that your benefits from your job is the main reason why you are staying. I get that, I truly do. But guess what? Paying for your own benefits through your business is a tax write off and it is more affordable than you think… All you need is to maintain your health insurance; all the other benefits can be put on hold temporarily for 6 months. If you use a broker like who is in our GPO, then you might be surprised at how affordable it can be. So, don’t let the illusion of having “benefits” keep you in your job.

I pay for my benefits through my men’s health clinic, and it costs me a whopping $750 a month. Big deal, I make that in half a day on a slow day… You should too as long as you follow the model in our courses: deliver a VALUABLE and NEEDED service, keep your expenses low, MARKET, and keep your margins in check.

Listen, you will never be able to truly grow your business if you maintain employment for a long time. Maintaining employment during the initial 1-3 years is SMART and I recommend it. It is why it is a foundational principle of The Elite Nurse Practitioner Model. But there becomes a time that you need to leave… (Unless you just want a small part-time side hustle and leave it at that… I know plenty of nurse practitioners that just want to do 20 hours a week and be done. There is nothing wrong with that!)

Keep track of your business’s revenue. Begin to slowly pay yourself a salary from your practice so you can get used to receiving a check from it. Everything else is profit and should be issued to you as an owners draw, or you use it to reinvest it back into the business. Once you are paying yourself 50-60% of your employed salary, go to part-time. Once you are paying yourself 75%, then QUIT. It is that simple and you will NEVER regret going all in on your business.

2 Responses

  1. I think my question is how do you get to 50-60% of your salary while also working full time? There are only so many hours in the day, and I’m already tired just thinking about it.

    1. Sasha,

      You provide high margin services that can be done in a partially passive fashion. If you start a niche practice like presented in our courses and utilize an employee, you would be AMAZED at how fast you can grow the profits and reach the 60% very quickly. I work at my men’s health practice a whopping 4-6 hours a week and pay myself a salary of $15k a month. Everything else is a bonus, and there are plenty of bonuses 😉

      Read this: The Most Profitable Niche Practices for the Nurse Practitioner

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