714.505.9000 cpas@hmwccpa.com

by Susan Levinstein, CPA, Partner

Women entrepreneurs have many reasons for starting their businesses. Some of these motivations have to do with wanting something different in their professional lives, while others rise from the desire to take advantage of business opportunities. In working with our women business owner clients, here are some of the most common reasons that they started a business:

1.Run it your way. One of the main motivations for any entrepreneur, male or female, is to run a business the way that individual would like to do so. Whether your frustration is with your boss, the threat of layoffs, promotions not related to performance, the work environment or other factors, running your own show can provide tremendous satisfaction.

2. Have greater personal satisfaction. Do you feel that you’ve done all that you can do at your current job? Do you need a greater challenge? Sometimes the best solution is to take on the challenge of running a business yourself. Your personal satisfaction may also come from knowing that you’ve done great work and been rewarded commensurately for it.

3. Dont let others hold you back. Many former employees, now business owners, will point out how wonderful ii is to not have the limitations imposed upon them by their former bosses. In some cases this may have been due to being a woman, a minority or too young. As a business owner, you’ll generally typically find that your customers are more concerned with your performance, which is both refreshing and financially rewarding.

4. Take advantage of your expertise. Many entrepreneurs start a business because they feel that they have significant expertise that is more valuable than is currently being rewarded at an employer. There is no higher correlation between performance and reward than being a business owner.

5. Build upon your Women generally have strong interpersonal relationship skills. This attribute can be used to great advantage in starting and managing a business.

6. Create a great place to work for Do you want to treat employees differently than how your current employer treats his/her employees? If you have employees, as the boss you can decide how you want to manage employee relations, what type of personnel policies are appropriate, etc. Many women business owners gain great satisfaction by providing a place to work that their employees enjoy.

7. Control your calendar. Women often juggle many non-work demands. You might be a wife, mother, school supporter or community volunteer on many fronts, and enjoy several hobbies as well. As a business owner, you may be able to adjust your work to your personal schedule. You can possibly work out of the home, attend special events for your children or tend to other personal issues that are important to you.

8. Make life better for your family. As a business owner, you might have greater flexibility with your family than you did as an employee. With young children, you can set-up day care at work. If a child is sick, you can change your schedule. As your children age, you can adjust your work life for their changing needs. You might have employees fill in for you or hire a personal.

9. Create Many business owners achieve far greater income than they would have as employees (although this is not always the case). This monetary gain can allow for financial stability, as well as giving philanthropically. Over half of women business owners contribute in excess of $25,000 annually to charity, according to www.womanowned.com.

10. Enjoy the perks! Common perks include planning your own work schedule, writing-off travel expenses when doing business, buying a company car that you like, or starting the weekend early after a hard week at work. You can create a work environment, both physical and mentally, that is enjoyable to manage. Money spent on decor, special events, food and other perks is at your discretion!

© 2019

 

This article first appeared in the Orange County Business Journal.

Contact Susan at 714.505.9000 or susan.levinstein@hmwccpa.com

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