This is an excerpt of BlueSteps' guide Your Executive Guide to Joining a Board of Directors.

While executives know board positions are great professional opportunities, many still shy away from adding one to their career plan because they find the strenuous selection process daunting or worry about the time commitment of serving on a board. These are fair considerations, but the challenges are well outweighed by the experiences and professional growth it can provide. As you decide whether a board role is right for you, consider the following benefits serving on a Board of Directors will give you.

1. Expand Your Network

Serving on a non-profit board is a full body exercise in governance. Board members contribute far more than just their votes. They fill a vital leadership role that engages both their subject matter expertise and their leadership skills.

A board member’s role is to advance their organization’s mission and vision. They do so by understanding and championing the needs and values of all stakeholders who interplay with the organization. To serve their institution well, board members must be good listeners, versatile professionals and big picture thinkers.

When most people think about a Board Director role, they think of it as a great professional opportunity, but one that is for retirement or the end of their career. With more and more people hoping to stay active during their retirement, board positions are a great way to replace W-2 income with 1099 income and to remain engaged. As boards seek greater diversity in thought, we are seeing a trend toward adding executives who are still active in operating roles. So, if you still haven’t begun searching for your first Board Director role, here are five reasons why you should start now:

Pray, who doesn’t want to be a board director? Images that come to mind include being in the driving seat, excitement at the opportunity to steer direction of the company etc. I did some research on the topic recently and below is a compendium of my findings and thoughts.

The boardroom is one of the places where character and experience reign supreme. Landing a role as a board member can be a prestigious and lucrative venture but board opportunities are rare.

Consider this, there are fewer than 4,000 U.S. companies listed by Nasdaq. According to CFO.com, each of those companies has an average of 9.2 board members with 1.5 of those being inside directors. Therefore, the total number of seats available for outside directors is approximately 30,800.

Most directors would describe their first non-executive board role as a major professional milestone, a terrific growth opportunity and something they are very glad they did, even though it represented a significant commitment. Given the demands of a board position — 20-30 days a year up to nine or more years — it pays to carefully weigh the pros and cons of a given opportunity.