There is a definite appeal to working for yourself, creating your own schedule, and not being told where to be and when. The idea of waking up in the morning and spending as much time as you want with your kids sounds amazing—and it is!
But are you cut out to be a future mom entrepreneur?
Running your own business is a lot of work, and if your family is dependent on your income, you may find yourself working more than you did in your corporate job. It’s important to evaluate the reasons you want to quit your job and go out on your own, whether your idea is practical, and the realistic financial impact to you and your family.
Are You a Future Mom Entrepreneur?
#1 What are your real intentions?
- Have you always had an entrepreneurial spirit?
- Can you point to specific instances in your past where you’ve used your creative side?
- What are you passionate about that you could offer as a service or product to potential customers?
#2 What does your current employee benefits package look like?
On average, 30% of your total compensation package is made up of your employer-sponsored benefits in the United States. This is no small number to ignore.
Financial benefits to consider:
- Employment taxes such as social security that your employer used to pay.
- Medical, dental, and vision insurance.
- Flexible spending account (FSA) and health savings account (HSA), or employer-sponsored FSA daycare reimbursements.
- Retirement benefits:
- Loss of 401k match.
- Are you fully invested in your current 401k plan?
- Do you have any 401k loans you may have taken?
- Do you understand the financial penalty for early withdrawals?
- Maternity leave: how will you cover a future pregnancy?
- Short-term and long-term disability options.
- Current employer-sponsored life insurance plans.
- Paid time off benefits that will be forfeited when you quit and in the future.
- The cost of current and/or changed daycare arrangements.
#3 How will this fit into your personal life?
- Is your family willing to embrace your decision?
- Have you worked out the financials?
- Did you consider if working from home will be a good fit for you?
- Will you be able to work with your kids at home? Will you send them to daycare?
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#4 Are you really ready to leave your current employer?
- Is your desire to work for yourself, or to have a more flexible work arrangement?
- Did you consider part-time work with your current employer?
- Have you asked for flexible work hours?
- Can you negotiate work-from-home days?
- Can you manage to side-hustle while still working to build up clients for your future business?
- Have you leveraged all your professional contacts for finding an employment situation that you’d be better suited for?