Many professionals, particularly women, in high-level corporate positions find themselves opting out of their shot at the corner office because of the wear and tear on their life balance and family time. But entrepreneurship can be a way to have more flexibility and control over your time, while still pulling in a big income. Here are seven reasons I recommend that frustrated corporate folks don’t opt out, but opt to own.
1. Location, Location, Location. Owning your own company gives you the option of working at home. Even if you lease office space, you might decide to work from home a few days a week or in the afternoons when the kids get out of school.
2. Owning Your Calendar. Rather than being at the beck and call of all those corporate meetings called by somebody else, you have control of your calendar. If you want to be at the school play on Wednesday, you can schedule that client meeting for Thursday.
3. Being There For Your Kids. Show me a mother with a boss and I’ll show you someone who feels guilty when her children need her during the workday. When you own your own company, you don’t have to apologize when your kid is sick – you just rearrange your schedule to be at home.
4. The Company Evolving With Your Kids. While your kids are very young, you might prefer to work from home. Once they’re in school most of the day, you might want to lease office space but leave work in time to meet the school bus. And when they hit those tumultuous teenage years, you might want to be around the house a little more in the afternoons. A business owner often has the freedom to accommodate his or her kids’ changing needs.
5. Time For Outside Interests. Believe it or not, many entrepreneurs manage to take up time-consuming activities solely for their own enjoyment, like training for a triathlon or competing in horse shows. Although more and more corporate employers are growing more flexible about scheduling a work week around parenting responsibilities, you’d be hard pressed to find one who’ll give you afternoons off for long bike rides or a horse show two hours away.
6. The Luxury of Support. As a business owner, you can build in support from your staff. Employees in small, closely held companies often cover many functions of a personal assistant, or even a back-up family member. It’s not unusual for small business owners to have an assistant who’s willing to run out to carpool when they’re stuck across town in a client meeting, or who’ll pick up groceries for the soccer team dinner when the boss runs out of time.
7: Perks Aplenty. Business owners also are able to offer themselves all kinds of extras your corporate boss might not. You might have your company lease or buy you a company car. You can write off any travel that can be justified as a business expense. You can plan your annual management meeting at your favorite spa resort. Running the show gives you the opportunity to invest company money in what’s important to you – whether it’s bringing in healthy lunches or a massage therapist to keep your crew performing well during stressful times. Or hiring yourself an executive coach and a crackerjack assistant.