It costs a lot of money to be an entrepreneur. Somehow, I make my personal finances work while building a startup and taking care of two kids, but I have noticed an increasingly expensive pattern that I would like to change in 2015: the amount of time, energy and money I put into figuring out how to care for my kids outside of school.
First up, I’m going to try to do away with the eight-hour workday. Cutting out just two hours per day, two or three days per week, would save me thousands in child care each year. I can easily work an extra 10 hours per week on weekends or at night after my kids are asleep to pick up the slack.
Another tactic I’ll try is to limit after-work networking events. Networking is clearly a core part of professional advancement, but if these cocktail hours and dinners are work-related, shouldn’t they happen during work hours? Fortunately, as the founder of a high-profile women’s media brand, I can influence how some of these events are scheduled. In 2015 I’m committed to exploring more midday and virtual networking formats to better support the family schedules of all my staffers.
These small changes may fly in the face of everyone’s idea of the committed entrepreneur, but I believe all of us need to think critically about how the time our kids spend in child care is truly a cost against our businesses. The goal should be to better manage our workday so we can spend more time with our children—a payoff that’s both monetary and emotional. Read more…