Open Own Business VS. Going Back to Work for Corporate - What's Your Experience?

I love the question because I have often pondered it myself...I am a corporate woman (only 28) and the breadwinner of our household. I often find myself wondering "what am I doing??" I have a 2 yr old at home and hope to add another very soon. But when it comes down to it...this is whats best for OUR family.

My opinion...with a possible divorce in your future, I would say go coorporate. Purely for the stability. I say this only if you will make plenty of money to not have to worry about finances. If it will border line just pay the bills, then maybe you should go the childcare route. Also, something to keep in mind. If you decide to pull out of the corporate world right now, know that it will be very difficult to get back in simply because you wont be "fresh"" anymore. I hear this to be a big complaint from people who choose to walk away.

So I think you need weigh the pros and cons...literally on a piece of paper and I think you will get a lot of clarity. I agree with others who have said there are pluses and minuses of both options. I know this was likely no help to you, other than just to tell you that you are so not alone. Many working mommas go through this same internal battle everyday.

You are a good mom for even pondering the idea...keep up the good work : - ) And good luck with whatever you decide!

My husband has been self employed since 1981, me since 2005. I left the corporate world and never looked back. We both are doing what we love, while earning income (enough for everything we need and some of our desires too). If you start your own business, it's important to note that you will work longer hours than if you worked for someone else. You're also responsible for your own retirement plan, health insurance, income tax payments, etc. (anything that would normally be taken care of by an employer). You can't call in sick if you don't feel well and expect someone else to pick up the slack. The buck stops with the business owner. However, you have the benefit of a flexible work schedule and controlling how much work you want to take on (in your case, the size of your day care). You may think you'll have more quality time with your children, but that probably won't be the case since you'll also be supervising other people's children. Not everyone is cut out to be self-employed, but if it's right for you, you'll never regret the decision. Perhaps you should begin by making a list of everything required to open a day care (do your homework, really find out), and also a list of pros and cons of working for yourself. If it feels right when you review your findings, then go fo it.
Good luck!

I've been a single parent for a long time. I tried running a business from my home and found it more stressful than working outside the home. I felt like my kids related to me as the back they saw in front of the computer all day. So, even though I was home, it wasn't quality time.

Corporate's tough too. I worked in the software industry and, after the dot.com bust, my job options were all an hour's commute away. I made the tough decision to take a lesser paying job close to home so that I could spend more time with my kids. Things have always been tight, but I'm actually proud that my kids understand the value of money, something a lot of kids in the Bay Area don't realize as their parents buy them anything they want.

The bonus of my "lesser" job was that after a few years they let me leave to pick up my kids from school every day and telecommute for the last few hours of the day. This has been the best of both worlds. I get out in the world and interract with adults, attend meetings, etc. at work, and am home every afternoon to provide a stable influence while my kids do their homework. Plus, I miss rush hour in the evening. (yay!)

So my advice - find the middle road. Look for a job that's good enough to provide you with stability, but won't run you ragged.

Good luck!

As a home daycare provider, I applaud your desire to get into this field. It sounds like you have good qualifications. Have you looked up the requirements online and studied out what it entails? If not, do that as part of your decision-making process.
Now, one other thing I noticed in your post is a possible deterrent. If you and your husband are having difficulties that you think might lead to divorce, do you think that might interfere with you being able to give the kind of care to children that they need? Children pick up quickly on strife, and if children come into your care, they may also make a bond with your husband and be devastated by you splitting up. Give that some thought as you make your decision as well.
As far as the money you'd be making... it may or may not equal what you can make in the corporate world. The current economy has affected childcare as well. Some centers and home daycares are struggling because people without jobs either don't need childcare, or if they need it in order to get out to hunt a job, they can't afford to pay and are having friends or relatives watch the children. You won't have a set, steady income. On the positive side, being home with your own children, not having to pay someone to care for them while you work, not having the extra expense of transportation to and from work, workplace clothing, meals out and/or the more expensive quick fix meals at home... all of these are on the plus side of doing your own daycare business.
I hope these suggestions help you come to the decision that is right for you.

open your business, it seems like a passion of yours and you will most likely get tons more joy out of it then working for a corporation.

Hi K., the lady who watched my daughter in her Home Daycare opened a daycare at her church. She had to go through several inspections and all work done had to be licensed contractors. She had to have a plumber change all the toilets to mini's, licensing, emergency exits, the right number of exits, exit signs, fire extinguishers, kitchen vs no kitchen decisions and more. Then she had to start out slow and work into employees after so many kids. Then you have payroll, insurance, rent & taxes to deal with. She was sort of single. She divorced her husband, but I believe he stuck around and helped her out. He didn't work and always relied on her income, so his help was not financial. It was a rough start, but I believe she has it up and running.

I remember her sitting up late at night with the home day care trying to get paperwork in on time for the food program she was on. It was a lot of work for her.

If you were to go to work in the private sector, I really think you would have more time to your children. I think you would be able to go to work and then leave work at work and enjoy your children. I have a small business and if only I could just do what I do well and leave all the paperwork to someone else! It is difficult to get all the paperwork in place and keep customers happy. I vote on working the private sector.

K.,
Ultimately you need to follow what makes you happy. I can only share my own experience of having my own business for the past 6 years and now I want to work for someone else. Eventhough you might be "with" your children all day at the preschool, you have a responsibility to the other children and you may actually spend very little time with your own kids. After the day is over with the children, there are the financial records, taxes, business filings, logistics, etc. So, as a business owner, my day is always longer than the "business hours." But the real reason I want to work for someone else - I can't take the instability. My business ebbs and flows, so I can make enough in one month to get me through four, but then there may be no work for a long time. So, I really need to manage my finances closely because there is no reliable cash flow from month to month. I am very frugal so this has never been a problem, but it can be nerve racking. Lastly, I have no pension, no paid leave, and no health insurance. For a while the flexability of being able to do what I wanted when I wanted trumped these things, but as I get older these security items are more and more important - especially if you are looking at becoming a single mom. I would suggest that you talk to other moms that own their own preschools to really get a feeling for the pros and cons.
Good luck,
C.

Open the Daycare! At least while your kids are younger. If at some point it is not what you want anymore than you can sell it and do something else.

It sounds like educating and working with kids and people is a passion. Even if you went back to corp sounds like you like to work with people. Daycare would be good but it will take a lot of work with the scheduling etc. But it sounds like you are already on your way.

you know, the obvious answer is 'open your own business!' there are pluses. being independent, making your own hours, and most of all, being with your kids. i had a small business for the entirety of my boys' childhood. i got a feeling of pride and accomplishment from it. it was good.
but the downsides are significant and need to be considered, especially if you might be going it alone. a small business has a hard time establishing a sufficient cash flow to build up a rainy-day fund. a couple of bad months could wipe you out if it's your entire income. this happened many many times to me (okay, possibly because i'm not a great businesswoman) but my dh's salary has always been our main support so we weathered it. but if i had been paying for a mortgage i'd have been up the creek.
working from home was not (for me anyway) the together time i'd hoped for with my kids. it meant i spent a lot of time snarling at them to stop bugging me while i raced frantically to reach a deadline. again, that might be more a Bad S. issue than something pandemic to working at home, but i've heard others say similar things. since your business would be actively involved with the kids it's probably a non-issue for you, but do bear in mind the drudge time you're going to need to put in as a single proprietorship. the bookkeeping, purchasing and cleaning chores still remain when the client-kids have gone home.
corporate isn't a particularly safe world any more, but it does have the advantage of paid vacations, health insurance and sick leave. your rear is swinging in the wind when you're a small business.
i suppose i sound pretty discouraging. maybe it's just sour grapes (i don't have the skills or education to have corporate as an option.) i guess all i really want to say is to think hard about the siren song of self-employment.
good luck!
:) khairete
S.