Even in a recession, younger workers “still value work-life balance above all else when listing top characteristics of an ideal entry-level employer, placing it well above other factors such as salary and meaningful work,” according to a BusinessWeek survey.
Believe it or not, there are cons to being your own work from home boss. For example, while it may seem desirable to be able to make all of your own decisions, that responsibility can also be a bit frightening. After all, the entire success of your business is dependant upon you and your ability to make the right decisions. The wrong decision can cause your entire business to fall apart. When you work for someone else, particularly a large and established company, one wrong decision may set the company back but, in most cases, you will still have a job and feel very little repercussion from the bad decision.
Employees who work from home — either by choice or because their employers require it — risk being passed over for promotions. According to a report on executives’ opinions on telecommuting:
More than 60% of global executives surveyed by the Korn/Ferry International subsidiary believe telecommuters are less likely to advance in their careers in comparison to traditional office workers. Interestingly, though, 78% of those execs feel telecommuters are either equally or more productive than those who work in offices. What’s more, remote workers may also find themselves working at odd hours; answering e-mails at 10 p.m. or picking up the phone when it rings after 5 p.m.
Another downfall to being your own work from home boss is liability. When most people first start out, they form a sole proprietorship for tax purposes. This is because there is no extra paperwork involved and is, by far, the easiest business formation to follow.
I know dozens of former co-workers who have used these tactics to successfully arrange full- and part-time work-from-home privileges — even four-day workweeks. If you’re interested in working from home, I hope they work for you.